WeWork is seeing a growing amount of revenue from SoftBank, which is also its biggest investor.
SoftBank accounted for 2% of WeWork’s revenue in the first six months of this year, up from nearly 0% in 2017.
WeWork has drawn criticism for its extensive series of deals involving so-called related parties — employees, executives, investors, and their family members.
For a number of factors — including these types of transactions — the company has been struggling to pull in investors for its planned initial public offering.
Read all of Business Insider’s WeWork coverage here.
SoftBank, which is WeWork’s biggest backer, has also become an increasingly important customer of the commercial real-estate company.
The Japanese conglomerate accounted for 2% of WeWork’s revenue in the first 6 months of this year, according to documents the latter filed in preparation for its planned public offering. That portion was up from just 1% for all of last year and nearly 0% in 2017.
The company also counts Rhône Group, another one of its investors, as a customer. But Rhône accounted for a much smaller portion of WeWork’s revenue.
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Source:: Businessinsider – Technology