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
KCSF pivoting away from Village Square coworking, eyes bigger community impact
Village Square developed a waiting list soon after opening in 2015, said Adam Arredondo. But as larger coworking spaces with more amenities and resources debuted, interest waned in the 3,000-square-foot operation at 45th Street and State Line Road. “What’s our most valuable contribution to the community right now?” said Arredondo, CEO of the nonprofit Kansas…
Beyond KC: TripSushi puts secret hotspots, meaningful travel experiences on the menu
Life is short, said Spencer Carlson — you have just one chance to knock out as much on your to-do list as possible. For the founder of TripSushi, a KC-based travel agency, that meant soaking in and connecting to peoples and locales across the globe, he said. “[We] need to experience other cultures so that…
Eastside Collaborative coworking space envisions a home for black entrepreneurs
Stay on the lookout for Eastside Collaborative, said Maleika Robinson. Recognizing a need for a coworking space specifically for black entrepreneurs, Robinson founded Eastside Collaborative in early 2018 after rebranding the KC Black Coworking Community. Eastside operates from within Uzazi Village on Tuesdays and creates an environment where she and others can be their authentic…
1 Million Cups KC move to Plexpod Westport Commons percolating
1 Million Cups — Kansas City’s most-popular entrepreneur event series — is brewing a move to the area’s largest coworking community. After six years of hosting the entrepreneurial showcase event at the Ewing Marion Kauffman Foundation, 1MCKC is moving its weekly program to Plexpod Westport Commons. 1 Million Cups began in Kansas City in April…