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
Recipe for empathy: These students prepared hundreds of protein-packed, free meals for their food-insecure peers
High school students in the Kansas City area are doing their part to stamp out food insecurity one recipe at a time, Tamara Weber shared. Kids Feeding Kids — a sister program of Pete’s Garden, both founded by Weber — partners with high school FACS and CTE culinary classes to teach students about critical topics…
PopBookings rallies as KC startup looks for its own key hires: ‘We’re back in a big, big way’
After dialing back its event staffing platform’s operations during the pandemic, Kansas City-grown PopBookings is back online in the Midwest — ramping up hiring as it works toward a Series A funding round by year’s end. “Kansas City has a real nurturing feel to it. And this community is why I believe we’ll have our…
$11M renovation in the works for historic hub of Black entrepreneurship; project ties into 18th Street pedestrian mall plans
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. For more than one hundred years, the Lincoln Building has served as a cornerstone of commerce and community in the 18th and Vine district. The historic district —…
MTC’s spring $1.4M investment cycle loops Facility Ally, DevStride into equity deals
Two Kansas City startups are among a handful of Missouri companies receiving a collective $1.4 million in investment allocations through a state-sponsored venture capital program. Facility Ally, led by serial entrepreneur Luke Wade; and DevStride, co-founded by Phil Reynolds, Chastin Reynolds, Aaron Saloff and Kujtim Hoxha; must now complete the Missouri Technology Corporation’s due diligence process…