WeWork, a New York-based operator of office space for startups, is raising up to $780 million according to Fortune magazine. The funding is led by Legend Holdings and Hony Capital.
The offering comprises what WeWork is referring to as both Series F and Series F Prime convertible preferred shares, both of which are priced at just over $50.19 a piece. That’s a 52.6% jump from where the company sold its Series E convertible preferred stock last summer, and would give the company a pre-money valuation of around $17 billion.
The company is using the new money to expand into Asia.
WeWork was founded in 2010 and has raised over $900 million to date. The company offers office space starting at $350 per month at 29 locations in 14 cities in the U.S.