SoftBank pours $4.4B into WeWork
WeWork only declared that it is receiving a massive $4.4 billion investment in SoftBank pours and SoftBank Vision Fund. It’s been less than a month because WeWork announced $500 million in financing for a standalone WeWork China business, which SoftBank engaged in. It is also launching in Japan through a joint venture together with SoftBank — therefore this financing deepens an already-strong connection between the coworking company and the Japanese giant.
The firms say the financing breaks down to $3 billion invested in WeWork itself (both through a primary investment and a secondary purchase of existing shares) and $1.4 billion at the firms created for WeWork’s growth in Asia — specifically WeWork China, WeWork Japan and WeWork Pacific.
“[SoftBank CEO] Masayoshi Son is a visionary business leader and we are humbled by this strong endorsement of our mission and purpose,” said WeWork co-founder and CEO Adam Neumann (pictured above) in the statement. “This support from SoftBank and the Vision Fund provides, even more, opportunities for creators as we put out to humanize how that people work and live.”
WeWork says it currently has more than 150,000 members across 160 locations in 16 nations. As a result of this investment, SoftBank Group’s Ronald D. Fisher and Mark Schwartz are connecting the company’s board of directors.
This post was published on August 28, 2017 6:57 am