SoftBank invests $4.4 billion into WeWork
The shared workspace company is set to expand into new regions
WeWork has announced it has received a $4.4 billion investment from SoftBank and the SoftBank Vision Fund.
WeWork offers some 10 million sq ft of shared workspaces for entrepreneurs, startups, small businesses and freelancers. Users can rent a hot desk, private office or dedicated desk depending on their needs.
The investment will allow WeWork to connect more people in its global community and to expand the company's presence around the world.
Out of the $4.4 billion invested, $3 billion is being used to invest in new shares and act as a secondary purchase of existing shares. The remaining $1.4 billion is to be invested in three newly created companies to aid WeWorks expansion in China, Japan and Southeast Asia and Korea.
Adam Neumann, co-founder and CEO of WeWork, said: "This support from SoftBank and the Vision Fund will provide even more opportunities for creators as we set out to humanize the way people work and live."
Masayoshi Son, chairman & CEO of SoftBank, underlined: "WeWork is leveraging the latest technologies and its own proprietary data systems to radically transform the way people work.
"Adam'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."
Additionally, SoftBank group's Ronald Fisher and Mark Schwartz will be joining WeWork's board of directors.
In the UK, WeWork has been taking advantage of the startup scene by launching new offices in Manchester city centre. WeWork is already used by a number of tech startups in London. It offers offices across the world in locations such as Buenos Aires, Berlin, Bogot, Hong Kong and Sydney.
Image Source: WeWork - London Southbank offices