WeWork has raised $ 702 m through a junk - bond issuance , after announcing at the beginning of the week that it hoped to raise $ 500 m . The fundraise comes following garnering $ 4.4bn in venture capital from investors including Japan 's SoftBank . Although the company 's revenues grew dramatically last year , doubling to $ 822 m , its costs rose even faster , more than doubling to $ 1.81bn . Bond documents reveal the company paid $ 18bn in rent from more than 14 million square feet of office space . Proceeds from the bond issuance will be used to fund Facebook 's rapid expansion .
WeWork has raised $702m through a junk-bond issuance, after announcing at the beginning of the week that it hoped to raise $500m. The fundraise comes following garnering $4.4bn in venture capital from backers including Japan's SoftBank. Although the company's revenues grew dramatically last year, doubling to $822m, its costs rose even faster, more than doubling to $1.81bn. Bond documents reveal the company owes $18bn in rent from more than 14 million square feet of office space. Proceeds from the bond issuance will be used to aid WeWork's rapid expansion.