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
Despise doggie duty? It’s only No. 10 on startup’s list of pet peeve tasks people don’t want to do themselves
One in four Kansas City residents say they’ve become worse at handling awkward tasks since the pandemic began, according to a new survey by local services marketplace Airtasker. Among the most biting tasks KC wants to avoid: picking up dog poop from someone else’s lawn. Airtasker, which acquired Kansas City-based startup Zaarly in May 2021,…
Overland Park startup wins four pilot projects through NXTUS health competition
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 the Ewing Marion Kauffman Foundation, which leads a collaborative, nationwide effort to identify and remove large and small barriers to new business creation. WICHITA…
Inside-the-box thinking: Veteran entrepreneurs craft memory care tools to engage dementia patients
The founders of one of Kansas City’s celebrated small businesses are launching a new solution for dementia care: a curated, monthly subscription box full of themed engagement activities and tools designed to improve patients’ quality of life. Prairie Elder Care’s Michala Gibson and Mandy Shoemaker originated the idea for the Connectivities subscription tool during the…
Top emerging business finds its bliss as city uncorks bookstore’s ability to serve wine
A city ordinance change is expected to move one of Kansas City’s only Black-owned bookstores closer to its chilled brick-and-mortar location — popping the cork on Bliss Books & Wine’s ability to serve its namesake beverage once the Midtown storefront opens. “People have been waiting a very long time for this storefront and have been working…