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
Here’s how Bungii delivered spot No. 981 in its Inc. 5000 fastest-growing companies debut
Nailing Bungii’s geographic expansion model has unlocked significant growth, said Ben Jackson, detailing a years-long evolution that earned his Kansas City-built final-mile delivery carrier a coveted spot on the latest Inc. 5000 fastest-growing companies list. “Bungii’s network is becoming one of the largest sharing economy footprints across the U.S.,” explained Jackson, who co-founded the company…
Caterpillar subsidiary expands into KC, turning dirt to create 85 jobs in revitalized industrial corridor near riverfront
A multi-million dollar expansion project is expected to put an aging manufacturing site back on track in Kansas City, officials at Progress Rail announced Monday, noting the converted operation will focus on re-manufacturing railcar wheelsets and bearings. Progress Rail — a wholly owned subsidiary of Caterpillar Inc. — expects to bring 85 new full-time jobs…
Emerging KC space tech startup relocating to Colorado to build autonomous factory
A space tech startup that shot into orbit from its West Bottoms headquarters in Kansas City has announced plans to build its first smart factory in Colorado — relocating operations to Broomfield to join the Centennial State’s “robust aerospace and defense ecosystem.” “Colorado is home to some of the best aerospace, defense, and manufacturing talent…
H&R Block CEO files retirement plans; company sets ‘smooth transition’ to new chief executive
Announcing his plan to retire at the end of 2025, the CEO for one of Kansas City’s most iconic businesses called his work at H&R Block the past eight years “the honor of a lifetime.” “We have elevated Block’s relevance, built an extraordinary culture, made bold bets to drive growth, rebuilt about every piece of…