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
He earned industry cred alongside Ariana Grande; now Jo Blaq wants to share the music with emerging KC artists
Joseph Macklin forged a successful music career through trial and error, he said, but that doesn’t mean the next generation should be forced to endure those same challenges just to feel like they earned credibility. The multi-platinum, Grammy award-nominated music producer, songwriter, engineer, and vocal arranger — known as Jo Blaq — is on a…
Nation’s best dog bar planning new tricks in KC after fetching top award, summer funding round
The dog days of summer are bringing momentum to Bar K, said David Hensley. The Kansas City-based escape space for pets and their owners was recently named top dog in the country by USA Today, just closed a funding round, and added several key team members — including Tim Schoenfelder as CEO — the co-founder…
Let’s eat out: KCMO wants more outdoor dining; new grants program pays for restaurant upgrades
Outdoor dining’s economic impact outlasted the pandemic, said Mayor Quinton Lucas. A new push to boost KCMO businesses — with the backing of city tourism dollars — is expected to help local restaurants, coffee shops, and bars embrace the opportunity, he said. His goal: Make outdoor dining spaces even more attractive to visitors and hometown…
Resilience pays off as retail incubator opens doors; Meet the first featured founders at PHKC
Launching a retail incubator in Midtown Kansas City — a physical space targeted for overlooked and under-resourced entrepreneurs — The Porter House KC faced many of the same challenges as emerging small businesses, said Miranda Schultz, but ultimately the effort made it to opening day. “It’s been nice to go through our own trial and…