SoftBank invests $4.4 billion in WeWork
August 25, 2017 | Bobby Burch
Global coworking giant WeWork recently raked in a massive investment from SoftBank.
The Tokyo-based conglomerate and its $93-billion Vision Fund has injected $4.4 billion into WeWork, which has 23 coworking spaces in the United States — including a shared, 40,000- square-foot workspace in Kansas City in the Crossroads Arts District — and more than 27 international offices.
“WeWork is leveraging the latest technologies and its own proprietary data systems to radically transform the way people work,” SoftBank CEO Masayoshi Son said in a release. “(WeWork CEO Adam Neumann’s) unique vision and talented team have created a sharing platform that offers maximum flexibility and opportunity to creators of all types, from young entrepreneurs to large multinational companies. We are thrilled to support WeWork as they expand across markets and geographies and unleash a new wave of productivity around the world.”
Of the $4.4 billion investment, $3 billion will go toward WeWork’s parent company via a primary investment in new shares and a secondary purchase of existing shares, SoftBank said in a release. The remaining $1.4 billion will fund WeWork’s expansion in China, Japan and Southeast Asia and Korea.
WeWork was valued at $21 billion in July. The firm currently has about 150,000 members across the world.
2017 Startups to Watch
stats here
Related Posts on Startland News
Five inspiration points in Westport’s new Freedom design showroom (Photos)
Carol Espinosa bears a striking grin as she bounds up the steps to the rejuvenation area at Freedom Interiors. Palpable excitement beams through her voice. “This is possibly my favorite part of the showroom,” she says, pointing out the lush green carpeting, comfy seating and 360-degree view of the renovated space at 4000 Washington St.…
Brazil to KC: Carol Espinosa showcases path to creativity, opportunity
She arrived in the United States with just two suitcases and her own creativity, but today Carol Espinosa fills a 7,000-square-foot Westport storefront with enough modern workplace designs to unpack for weeks, she said. “This company was built from nothing,” said Espinosa, founder of Freedom Interiors. “It started with no customers, no product offerings —…
American buying habits push Swappa to $70M in 2017 hand-me-down tech sales
Grown from a one-person, side-hustle project to a team of more than 30 people, Kansas City-based Swappa is swelling. The user-to-user marketplace for buying and selling used technology enjoyed its best year to date in 2017. The platform sold more than $70 million in hand-me-down electronics in 2017 — up about 17 percent from 2016, said…
BKS Artisan Ales takes measured approach with nano-brewery concept
It takes only about an hour for BKS Artisan Ales to sell out of its packaged bottles and cans each Saturday afternoon, Brian Rooney said. “We thought it would be great if maybe 40 people came in and maybe each of those 40 took a beer home,” said Rooney, a craft brewer who owns and…