The Japanese telecom and internet conglomerate, SoftBank Group has made an investment of $4.4 billion in office sharing startup WeWork, reports ET.
The investment being made by SoftBank and its Vision Fund will include $3 billion infused into WeWork's core operation through new shares and purchases of existing shares.
Further, $1.4 billion, according to the firm, will go to buy shares in freshly created WeWork companies focused on China, Japan, South Korea, and Southeast Asia. The funding also will get SoftBank some seats on the WeWork board of directors. The firm is planning to use the investment by SoftBank to expand its global presence.
Commenting on the development, Masayoshi Son, SoftBank Group chief executive said, "WeWork is leveraging the latest technologies and its own proprietary data systems to radically transform the way people work. We are thrilled to support WeWork as they expand across markets and geographies and unleash a new wave of productivity around the world."
As per the Crunchbase website, with this latest investment, WeWork has raised nearly $10 billion in funding since it was founded.
Founded in 2010 by Adam Neumann and Miguel McKelvey, WeWork to help create the world where people work to make a living, not just a living. It offers warehouse-style shared workspace to smaller companies, primarily tech startups. WeWork members are creators who run the gamut from entrepreneurs, freelancers, and startups, to artists, small businesses and even divisions of large corporations.
According to WeWork, since its launch in New York seven years ago it has grown into a network with more than 150,000 members at some 160 locations around the world.
Earlier in July 2017, the New York-based collaborative workspace and the 9th highest-valued startup in the world had opened its doors with its first community workspace in India – ‘WeWork Galaxy”, in Bengaluru’.
In past six months, Softbank has closed two massive deals. Earlier in July 2017, SoftBank invested $2.5 billion in the homegrown e-commerce firm, Flipkart marking the biggest private investment in the country’s consumer technology sector. Whereas, in April, the firm invested $1.4 billion in Noida-based Paytm, valuing it at about $7 billion.
In earlier August 2017, the investment firm had invested $1.1 billion in Indian origin entrepreneur’s biotech startup, Roivant Sciences. In the same month, SoftBank again hit the road as the firm was in talks with a logistic startup, Rivigo Services to invest at least $100 million.
With these investments, it is clear that SoftBank is ramping up investments in India at a rapid pace.
The investment being made by SoftBank and its Vision Fund will include $3 billion infused into WeWork's core operation through new shares and purchases of existing shares.
Further, $1.4 billion, according to the firm, will go to buy shares in freshly created WeWork companies focused on China, Japan, South Korea, and Southeast Asia. The funding also will get SoftBank some seats on the WeWork board of directors. The firm is planning to use the investment by SoftBank to expand its global presence.
Commenting on the development, Masayoshi Son, SoftBank Group chief executive said, "WeWork is leveraging the latest technologies and its own proprietary data systems to radically transform the way people work. We are thrilled to support WeWork as they expand across markets and geographies and unleash a new wave of productivity around the world."
As per the Crunchbase website, with this latest investment, WeWork has raised nearly $10 billion in funding since it was founded.
Founded in 2010 by Adam Neumann and Miguel McKelvey, WeWork to help create the world where people work to make a living, not just a living. It offers warehouse-style shared workspace to smaller companies, primarily tech startups. WeWork members are creators who run the gamut from entrepreneurs, freelancers, and startups, to artists, small businesses and even divisions of large corporations.
According to WeWork, since its launch in New York seven years ago it has grown into a network with more than 150,000 members at some 160 locations around the world.
Earlier in July 2017, the New York-based collaborative workspace and the 9th highest-valued startup in the world had opened its doors with its first community workspace in India – ‘WeWork Galaxy”, in Bengaluru’.
In past six months, Softbank has closed two massive deals. Earlier in July 2017, SoftBank invested $2.5 billion in the homegrown e-commerce firm, Flipkart marking the biggest private investment in the country’s consumer technology sector. Whereas, in April, the firm invested $1.4 billion in Noida-based Paytm, valuing it at about $7 billion.
In earlier August 2017, the investment firm had invested $1.1 billion in Indian origin entrepreneur’s biotech startup, Roivant Sciences. In the same month, SoftBank again hit the road as the firm was in talks with a logistic startup, Rivigo Services to invest at least $100 million.
With these investments, it is clear that SoftBank is ramping up investments in India at a rapid pace.
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