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
Bacon Explosion pizza partnership with Minsky’s tops meaty six months for Megan Day
There’s more than one way to slice Burnt Finger BBQ’s signature sausage log, Megan Day said. For the Bacon Explosion Pizza, that’s julienned — with barbecue sauce and pickles. “The taste that comes through from the Bacon Explosion is the star of that pizza,” added Mike Burr, general manager for Minsky’s Pizza, which has partnered…
Former Google, Uber exec running for office in Kansas
Mapping expert Brian McClendon is plotting a route to the Kansas State Capitol. The former Google and Uber executive on Monday launched his candidacy for Kansas secretary of state, a role that would task him with administering state elections and voter registration. Currently, a research professor at the University of Kansas, McClendon co-founded the tech…
‘Be the Boss’ invites probation, parole clients into entrepreneurial ecosystem
Would-be entrepreneurs who are returning from incarceration shouldn’t feel excluded from Kansas City’s startup ecosystem, Kyle J. Smith said. Be the Boss, a support group launching next month under Smith’s leadership, aims to provide a welcoming environment free from the stigma associated with a criminal history, he said. “When we’re being honest about the elephant…
Wesley Hamilton earns international WeWork award, surprise $18K prize
When he arrived in New York City this week to accept one of four WeWork Community Giver awards, Wesley Hamilton was shaking with pain, he said. “My body was hurting so bad, I knew something great was going to happen,” said Hamilton, a Kansas City adaptive athlete and founder of the nonprofit Disabled But Not…