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Morning Report: WeWork has raised hundreds of millions of dollars. Again. 

In news that should be surprising, but isn’t, WeWork, the popular co-working startup, has announced a new $500 million capital investment into Asia.

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As , however, the move follows a separate $500 million capital raise by the company. The coworking startup is not pulling from its last $500 million raise to fuel this new investment into Asia. Instead, it appears its latest $500 million raise is also new capital. WeWork, according to its , has already raised around $4.5 billion in equity funding alone. This additional sum raised likely puts it over the $5 billion mark.

There are various cliches concerning getting things done whilst you can. Make hay while the sun shines, intones one. Get it while the getting is good, says another. WeWork has taken the concept to hand—almost to an absurd degree, perhaps.

Here’s TechCrunch’s on the latest:

The amount of money that WeWork has raised this year is astonishing. In addition to the $1 billion it has announced in the last two weeks, a Delaware filing had  in June, showing that WeWork had closed on $760 million in separate funding. WeWork also raised  in March.

The sums of cash that investors are willing to put into WeWork to put to use is simply staggering. The company has raised at least , according to their respective ÍÃ×ÓÏÈÉú´«Ã½ profiles. This appears odd, as Elon’s company makes space rockets; meanwhile, WeWork runs an at-least-partially-asset-light .

But such are the times we live in.

This weekend, I re-read the excellent — he’s a venture capitalist and former entrepreneur — piece entitled “,” which I think applies here, at least in part.

The essay is a jeremiad of sorts, ranging from unicorns to bandwagon-hoppers to politics to a great quote from a piece about losing weight. But it’s mostly about being real and doing the work. From its concluding sections:

If you’re fortunate enough to raise $100 million early-on to build your startup — congratulations. But to all of the 99.999% of other startups out there please know that this isn’t the success by which to measure yourself. Measure yourself in gym visits, in 3-yard gains, in sacrifice and dedication. Avoid the metaphorical parties and the alcohol and the extra pounds and know that your gains will come in lines of code and purchase orders and signed offer letters and repeat purchases.

I can’t help but look at the mega rounds of the current tech cycle as the sort of shortcuts that Suster hates. (In related news, have you seen what bike-sharing companies are raising? The world has lost its damn mind.)

Of course, some of it won’t work. But what we can see from today’s WeWork news is that, despite endless warnings, including the 2015 Suster piece and the various responses — guilty once, twice, thrice — to the Gurley bent, things are chugging along as they were.

Happy Monday.

From the :

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