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
Culture Lab to Fountain City Fintech startups: Before you hire, define your culture
Bringing Culture Lab programming to the Fountain City Fintech accelerator’s inaugural cohort is part of a deeper effort to call attention to workplace culture in Kansas City, said Frank Keck. “We’ve been able to help each of these six cohort companies really define who they are, why are they doing what they’re doing, and help…
Investors deal BacklotCars $8M; KC-based startup hitting the gas on disruption
Disrupting the used car space has driven a Series A funding round to $8 million for Kansas City-based startup BacklotCars, the company announced Tuesday. “This investment comes at a great time. We are growing rapidly in our existing markets and expanding our national footprint. We expect to continue to add new features – to accompany…
ebbie navigates journey from established insurance industry to tech startup mode
Olathe-based ebbie is injecting innovation into the risk-averse insurance industry, said Brian Hess. “We looked for spaces where we could come in and say, ‘We can make this a lot better,’” said Hess, operations officer at ebbie. “Fast forward to now, and we went through the development phase and the build, and we have successfully…
KCultivator Q&A: Edgar Palacios talks Latinx representation, his ballsy inspiration
Editor’s note: KCultivators is a lighthearted profile series to highlight people who are meaningfully enriching Kansas City’s entrepreneurial ecosystem. The KCultivator Series is sponsored by WeWork Corrigan Station, a modern twist on Kansas City office space. Proportionate cultural and ethnic representation can be life-altering for young people — especially in the classroom, said Edgar Palacios.…