SoftBank puts $300 million in WeWork
SoftBank Group has invested $300 million in WeWork, a person familiar with the matter said, an influx of cash that values the New York-based coworking giant at more than $17 billion.
The investment from SoftBank is the first in what will probably be a much larger stake, said the person, who asked not to be identified. The additional cash is expected to come from the $100-billion Vision Fund. With the new money, WeWork's valuation increases to about $18 billion.
WeWork, which rents out desks and offices to small businesses, freelancers and other people seeking temporary working space, sold the shares at a higher price than in its previous round, which valued it at about $16 billion a year ago. The new investment was disclosed in a securities filing. WeWork and SoftBank declined to comment.
The investment from SoftBank is the first in what will probably be a much larger stake, said the person, who asked not to be identified. The additional cash is expected to come from the $100-billion Vision Fund. With the new money, WeWork's valuation increases to about $18 billion.
WeWork, which rents out desks and offices to small businesses, freelancers and other people seeking temporary working space, sold the shares at a higher price than in its previous round, which valued it at about $16 billion a year ago. The new investment was disclosed in a securities filing. WeWork and SoftBank declined to comment.
