Share via Shortlink Photo illustration of Knotel CEO Amol Sarva (Sarva by Sasha Maslov; iStock)As Knotel battles lawsuits from landlords, evictions and accusations of unpaid rent, its CEO says the flex-office provider has secured new funding.Knotel CEO Amol Sarva reportedly told staff on Monday that the company has gotten a fresh influx of cash, according to Business Insider, citing a source with knowledge of the all-hands meeting.Sarva did not disclose the amount of money raised or details about who was involved, although a source told the publication that it is a restructuring type of deal that includes equity and debt.Earlier this summer, Sarva said he had raised $10 million and wanted to raise $100 million by the end of August. Forbes reported that the new funding could cut the company’s valuation in half.In August 2019 the company said it raised $400 million through a Series C raise, which gave Knotel a valuation of at least $1.3 billion. Investors included Mori Trust, Itochu Corp, and Mercuria Investment Co, along with Newmark Knight Frank, Norwest Venture Partners, and the Sapir Organization, which is led by Alex Sapir.This year, Knotel has suffered along with other co-working companies as demand for office space has lagged during the pandemic. The company has been hit with a dozens of lawsuits over the past few months from landlords who claim they have not been paid, as well as eviction notices at two of its spaces.Knotel has also been scaling back its once-ambitious expansion plans and in November said it was looking to trim 60 percent of its 4.8 million-square-foot global portfolio. It has also cut staff several times over the course of the pandemic.[Business Insider] — Keith Larsen Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink TagsCommercial Real EstateKnoteloffice marketReal Estate Lawsuits
from the Xining municipal water authority was informed that this year, Xining city water department will focus on the people’s livelihood water conservancy projects, infrastructure, ecological environment construction of the theme for the management, flood control and river basin of Xining city water supply network transformation of six key construction project, investment of 860 million yuan to promote the water business to a new level.
the six key construction projects are: Xining flood control and river basin management project using the world bank loan, project governance of Xining city and three counties River 53.76 km, governance channel 28, a total investment of 1 billion 327 million yuan; the renovation project of Xining city water supply network, the project plan with the new District, industrial park and old city construction and development supporting construction water supply network, plans to invest 100 million yuan this year; Xining third sewage treatment plant construction project plan fully completed this year; Xining city sewage interception pipe and sewage treatment plant pipe network supporting two projects, plans to invest 100 million yuan this year; the rural water conservancy project, major renovation project, soil and water conservation engineering and livestock the three part water irrigation; take reservoir irrigation project, the construction of the main canal 36.98 kilometers, grade one and grade two, divided into 35.69 main public And 68 thousand and 500 acres of irrigation projects, with a total investment of 199 million yuan.