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’s building a more welcoming (and eco-friendly) KC, but this entrepreneur’s vision comes with a catch: It isn’t a one-man job
Reda Ibrahim’s home is open to everyone, he shared, especially for those who feel like they don’t belong anywhere. “I have a big magnet toward everyone who doesn’t fit in. I faced a lot of racism; I have faced the struggle to be accepted. [When I came to the United States] seven, eight years ago,…
Art Junkez put Chicano custom culture on canvas with a colorful salute to family roots
The Art Junkez — a venture crafted by a Westside-raised brother and sister and their spouses — set out to create “something out of nothing” in celebration of their Mexican-American heritage, Selena Moran and Jaime Calderon shared. Growing up, it wasn’t easy to find gifts that reflected their culture — like something for their grandma…
How ‘raving fans’ in small town Kansas built this govtech startup’s sales funnel
Startland News’ Startup Road Trip series explores innovative and uncommon ideas finding success in rural America and Midwestern startup hubs outside the Kansas City metro. This series is possible thanks to Entrepreneurial Growth Ventures (EGV), a business unit of NetWork Kansas supporting innovative, high-growth entrepreneurs in the State of Kansas. MANHATTAN, Kansas — A trio of govtech…
SafetyCulture taps chair of Tesla’s board of directors as KC-rooted scaleup eyes new growth phase
Robyn Denholm brings a wealth of senior-level tech experience, leadership, and advocacy to SafetyCulture’s board of directors, the company said Monday, noting Denholm’s role as a leading voice calling for more diversity in the sector. SafetyCulture, a $2.2 billion Australian scaleup, houses its U.S. headquarters in Kansas City’s Crossroads Arts District, where it has been…