SoftBank COO and WeWork Executive Chairman Marcelo Claure. Photo credit: Garrett Carey on Flickr, under Creative Commons license

SoftBank, the primary shareholder in office leasing company WeWork, has committed an additional $1.1 billion in funding for the company, as first reported [paywall] by Bloomberg. Citing a memo, Bloomberg reports that the new commitment boosts WeWork’s available cash balance and commitments to $4.1 billion. For the second quarter of this year, WeWork is said to have hauled in $882 million in revenue, a 9% year-over-year increase, but lesser than its revenue in the preceding quarter.

WeWork has committed to cutting cash burn and stabilizing its business ever since the company’s last year failed attempt at a public listing. Before now, SoftBank had already poured more than $10 billion into WeWork and had to writedown billions of dollars in losses after the company’s valuation fell from a peak of $47 billion to $2.9 billion. After the failed listing, SoftBank swooped in to grab a majority stake in WeWork and has been working to reorganize the company with a revamped leadership team. Early this year, the Japanese tech conglomerate recruited a real estate veteran by the name of Sandeep Mathrani to become WeWork’s CEO.

According to Bloomberg, WeWork’s cash burn for the second quarter of 2020 stood at $671 million.