INTERNATIONAL - WeWork Companies today announced their agreement for a $4.4 billion investment from the SoftBank Group and their SoftBank Vision Fund.
The investment will increase WeWork's ability to connect more people to their global community, which is currently standing at roughly 150,000 members, as well as expanding their physical presence across the globe.
WeWork Co-Founder and CEO, Adam Neumann said: "Masayoshi Son is a visionary business leader and we are humbled by this strong endorsement of our mission and purpose. 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."
Chairman and CEO of SoftBank Group Corp, Masayoshi Son said: "WeWork is leveraging the latest technologies and its own proprietary data systems to radically transform the way people work."
The overview of SoftBank and the Vision Funds investment into WeWork shows that $3 billion investment in WeWork's parent company has been made via a primary investment in new shares and a secondary purchase of existing shares.
It also states that a $1.4 billion investment in three newly created companies, which was previously announced, each controlled and managed by local WeWork management teams.
This will fund WeWork's expansion in China (WeWork China), Japan (WeWork Japan) and Southeast Asia and Korea (WeWork Pacific), respectively.
"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," Son concluded.
- BUSINESS REPORT ONLINE