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
Tough Chiefs loss propels Kansas City artist to launch winning business
Editor’s note: The following story was originally published by AltCap, an ally to underestimated entrepreneurs that offers financing to businesses and communities that traditional lenders do not serve. The Kansas City Chiefs came up one win short of entering the Super Bowl when they lost by a field goal to the Cincinnati Bengals in January…
Candidates: Unchecked property crime against businesses driven by prosecutor’s failure to hold offenders accountable
Melesa Johnson, Tracey Chappell share their solutions for combatting recent uptick in break-ins at Kansas City businesses Editor’s note: Jackson County Prosecutor Jean Peters Baker is not seeking re-election, so it’s an open race for her countywide seat. Democrat Melesa Johnson and Republican Tracey Chappell are running in the 2024 general election with a vote…
A simple sauce passed down six generations is headed to your table; Lenexa man says that’s his family’s great legacy
Jack Williams’ dream of seeing his great-grandmother’s picture in every grocery store across the country is one step closer to reality as the Lenexa entrepreneur’s jars of Grandma Morrelli’s pasta sauce — emblazoned with her photo — hit Kansas City shelves. “I’m trying to honor her and family traditions,” he said, describing how the venture…
Here’s how a new data dashboard could help KCMO redirect funds to small businesses
A new data dashboard built to better understand Kansas City’s business needs — and guide the city’s response — is not only revolutionary for the metro, said Nia Richardson, it could be the first of its kind, period. Small business advocates already are calling it a win. “I don’t know of any other city or playbook…