Office-sharing startup WeWork is raising $430 million in new funding that places it at around a $16 billion valuation.
Earlier on Wednesday, Fortune had pegged the deal at a $780 million investment at a $17 billion valuation, but a person close to the deal provided Business Insider with more accurate figures.
In a blog entry, WeWork shared that the investors leading the deal were Chinese firms Legend Holdings and Hony Capital--giving the super-hot office-rental company a foot in the door in China.
The last we heard of WeWork, in November 2015, it was reportedly going after $750 million in debt financing--basically, a loan. It's not clear if WeWork ever actually went through with that move.
Debt financing is structured like a loan to be paid back later, while equity means the lender gets a piece of the company. This round, confirmed by court forms reportedly filed on Tuesday and spotted by VC Experts, would be for equity.
WeWork now has 80 coworking spaces in 23 cities around the globe. WeWork's 50,000 clients range from startups--Business Insider uses a WeWork space out in San Francisco--to big companies like Merck and American Express. Individuals can also buy packages starting at $45and rent a desk for a day.
More recently, WeWork began experimenting with a co-living space, WeLive, where people rent part of a living space and take part in shared amenities as part of the deal.
But WeWork also has its critics. The company settled a dispute over its custodial services in late 2015. And though WeWork became profitable as of summer 2015, some skeptics believe that its financials may not support its valuation, suggesting it could be part of a new technology bubble.
And there are basic concerns about the sustainability of its business model. WeWork is basically in the real-estate business: It takes out large leases in buildings and then sublets the spaces to smaller companies. And the real-estate business can be risky.
WeWork did not immediately respond to a request for comment.