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
Accelerate Tech Learning targets the (urban) core of KC’s programmer shortage
Training would-be programmers from Kansas City’s urban core isn’t about getting rich, said Joshua Clark, co-founder of Accelerate Tech Learning. But unfortunately that means it can be tricky to get underestimated students the costly education to become a certified developer in the world of information technology, added Mauri Trent, Accelerate Tech’s executive vice president of…
With Hy-vee Arena, KC Star project, southward expansion, KC Crew plans to double its players
Where KC Crew plays, growth and development follow, said founder Luke Wade. The adult sports and event company filled Kansas City’s Parade Park every night before the Urban Youth Academy broke ground on East 17th Terrace, for example, Wade said. “So it’s kind of that economic development. The same thing happened with the riverfront when…
Mycroft hopes to build community of investment backers with new online public offering
Adding to its array of successful crowdfunding efforts, Mycroft AI recently launched an online public offering that’s generating significant financial support for the startup. Thanks to 2016 changes to the Securities and Exchange Commission’s equity crowdfunding regulations, the Kansas City-based tech startup’s OPO has already amassed more than $173,000 of its $1.07 million funding goal.…
Project UK’s teen bootcamp turns problems into pitches, founders say
Giving teens the freedom to solve problems can be transformational, said Rebecca Dove. “It is believed that this generation will be more entrepreneurial-minded and want to have more freedom in their careers,” said Dove, co-founder of Project United Knowledge, which last week debuted its first Entrepreneurial Bootcamp. “So we’re just trying to rip out a…