Kimberly Ross, the CFO of Wework, said in the memorandum that the new financing “once again demonstrates Softbank’s support for our business.”. The move will help Wework increase the total cash available and unfunded cash commitments to $4.1 billion. The investment will be in the form of guaranteed notes. < / P > < p > “the new outbreak has an impact on our business.” Rose wrote. While Wework’s revenue grew 9% in the second quarter to $882 million, it was down from $1.1 billion in the first quarter. The company also had 12% fewer members in the second quarter than in the first quarter to 612000. < / P > < p > but there is a bright spot: “as leading start-ups seek flexibility globally, we see an increase in demand from this group.” Wework’s membership ratio of start-up companies in the second quarter was 48%, slightly higher than that in the first quarter. < p > < p > after last year’s IPO plan was shelved, Wework has been trying to reduce costs. The company’s cash outflow in the second quarter was $671 million, mainly due to non recurring restructuring costs of $116 million, including layoff compensation. Cash outflows are still down from the peak of $1.3 billion in the first quarter of 2019. < / P > < p > the company recently abandoned two potential shared offices in Baltimore and Manhattan. They currently have 843 office locations available for rent around the world. < / P > < p > prior to Softbank’s new investment, Softbank’s vision fund had just written down the Wework valuation and lost billions of dollars. Wework’s highest valuation, once at $47 billion, was recently written down to $2.9 billion by Softbank. Softbank has invested more than $10 billion in weework.