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
Chris Harris transformed a blighted neighborhood with a golf course; now his effort is hitting the road
Teaming up with America’s car clubs is driving a local community change effort to a nationwide scale, said Chris Harris. “I don’t want to stop here,” said Harris, owner and operator of the Harris Park Midtown Sports and Activities Center — officially shifting gears to a “Phase 2” after seeing the positive change caused by…
Father turns grief over son’s loss into healthtech solution for speedier medical records transfers
Chris Jones’ quietly sunny disposition belies the hard knocks peppered throughout his past. Then again, the full-time consultant, masters candidate, and now startup founder sees all past experience as a catalyst for growth, he said. “Everything you’ve been through in life prepares you for this moment, now,” said Jones, founder of MatchRite Care. “So you…
MADE MOBB building streetwear experience, empire with new Crossroads retail store
MADE MOBB’s growing footprint in Kansas City isn’t because of luck, said Mark Launiu, as the streetwear apparel company plans to open its third retail location in July. “If I’m honest with you, this is hard. It’s a lot of work to push the brand and reflect the culture,” said Launiu, co-founder of MADE MOBB/MADE…
Pride underfoot: Founder’s rainbow crosswalk movement met with resistance
KC PrideFest 2019 has come and gone, but one voice in Kansas City’s startup community is advocating for a year-around symbol of LGBTQ+ support. “I want something that’s going to be more permanent than a sticker on the streetcar,” said Brandon Love, referencing the recently unveiled KC streetcar that sports a wraparound rainbow design. “That’s…