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
Governor-in-waiting talks startup funding, Amazon and why entrepreneurism is bigger than KC
The strongest person in the room isn’t necessarily the loudest, Jeff Colyer said. “Kansans are used to being overlooked,” he said. “My role as lieutenant governor was to be a little quieter. You give your best advice. And when decisions are made, you’re going to work to support them.” Soon, however, he’ll be the state’s…
Bus tech startup Transportant announces $11M in pre-sales at Lean Lab pitch night
School districts across North America are on board with Transportant — to the tune of $11 million in pre-sale agreements, co-founder John Styers said. The startup, which uses video-based technology to allow students, parents and school administrators to better monitor school buses, announced the milestone — $10 million over its goal of $1 million in…
Councilman introduces east side investment proposal with $15/hour wage provision
As economic development surges in pockets across Kansas City, residents and businesses on the east side shouldn’t be left behind, Scott Taylor said. “Our clock is ticking as a city on this, and we need to do more,” said Taylor, councilman for the sixth district, at-large. At a press conference Thursday, Taylor introduced a draft…
KCPS superintendent to city struggling with violence: When do we all come together?
It’s inexcusable for Kansas City to simply accept 130 murders before it’s even December, Mark Bedell said. “Who do you think are committing these crimes?” Bedell, superintendent of Kansas City Public Schools, asked a crowd gathered Thursday for the Lean Lab’s Launch[ED) Day. “Probably people who have been victims of schools that have failed them…