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
Founders want answers for investors after crowdfunding platform fueling emerging bars, restaurants unexpectedly shutters
News this week that peer-to-peer business lending platform Mainvest would cease operations within a month “came out of left field,” said Jhy Coulter. “We got the email just like everyone else, and it was pretty surprising,” the owner of Orange By: Devoured and Devoured Pizza said, adding that she feels “sad because I felt like…
Floraloom founder delivers creative passion that lasts beyond its entrepreneurial bloom
Returning to the studio after having a baby girl in January, Colleen Robertson discovered a bucket of bird of paradise leaves that had lost their color but taken on a new, curvy shape. Initially considering throwing them away, the Floraloom owner later found inspiration in their resemblance to currents — painting them blue to resemble…
Make some noise: Massive riverfront development expected to anchor KC as a destination for prosperity
A proposed Berkley Riverfront stadium-side mixed-use development is a game changer for Kansas City, Raven Jemison shared, and it’s is a big reason she chose the role of KC Current president. “Just a soccer club, just a stadium, that’s awesome — obviously, sports is a great platform for economic development — but when you talk…
EDCKC celebrates leaders who transformed KCMO through equitable development projects
Reshaping Kansas City doesn’t come without focused, intentional efforts by development advocates and officials, said Mayor Quinton Lucas, offering a toast to one of his city hall predecessors and her work to revitalize the heart of the city. “Many of us are blessed to remember Mayor Kay Barnes thinking about what downtown could be, and…