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
Mass Street fire leaves future uncertain for Blade & Timber’s Lawrence store
An early morning fire at Blade & Timber’s Massachusetts Street location in Lawrence has left the premier axe-throwing startup waiting for answers, said Matt Baysinger. “While it’s a surreal experience to learn that your business is on fire and that there’s nothing you can do about it, I’m incredibly grateful that nobody was in the…
Two Kansas City startups relocating to St. Louis to cash $50K Arch Grants awards
Two Kansas City tech startups are on the move — winning spots in the Arch Grants competition, an “aggressive effort” to build St. Louis’ startup ecosystem. Healthy Hip Hop and FastDemocracy were among 20 companies each earning $50,000 in equity-free cash grants through the selection, which also requires the startups run their businesses from St.…
KC Heart adopted as region’s official symbol: Charlie Hustle founder hopes icon will join KC skyline
Good things come to those who hustle. “Honestly, it was a long time coming when they showed up at our office. It was almost like, ‘Where have you guys been?’” Chase McAnulty, founder and CEO of Charlie Hustle, said of a new partnership between the startup and the Kansas City Area Development Council. The agreement…
‘Leadership is harder’: Founder duo debuting ‘Above the Fray’ in LinkedIn Live beta test
Two influential voices in the Kansas City startup community hope their new LinkedIn Live show can inspire fellow founders to be true leaders, said Eze Redwood, co-creator of “Above the Fray.” “We want to bring in diverse perspectives from entrepreneurs in different fields that leaders would need to be successful,” explained Redwood, who unveiled the…