© Reuters. The outbreak of the coronavirus disease (COVID-19), in Beijing
© Reuters. The outbreak of the coronavirus disease (COVID-19), in Beijing

(Reuters) – Office-sharing startup WeWork’s China unit has received an additional $200 million in funding from existing investors and has appointed shareholder Trustbridge Partners’ executive Michael Jiang as its acting chief executive officer.

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:).

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.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Let’s block ads! (Why?)