This post was originally published on this site
https://i-invdn-com.akamaized.net/trkd-images/LYNXNPEG8M2BB_L.jpg
Private equity firm Trustbridge and Singapore state investor Temasek Holdings had held talks with the Chinese unit of the troubled co-working startup over increasing their stake in the company to take majority ownership, Reuters reported in January.
The latest fundraise was led by Trustbridge, WeWork said.
The New York-based startup said last month it had slashed its cash burn rate almost in half from the end of last year and obtained a $1.1 billion commitment in new financing from SoftBank Group Corp (T:9984).
The company shelved its initial public offering in 2019 after investors grew wary of its losses, business model and corporate governance, further leading to the resignation of co-founder and former chief executive officer Adam Neumann.
WeWork has since undergone an enormous management shake-up and remains enmeshed in lawsuits over a $3 billion tender offer to existing shareholders.
