$3B Softbank Investment Boosts WeWork Valuation to $42B - Mingtiandi
14 Nov 2018 10:34 AM GMT
WeWork on Tuesday announced that SoftBank, has committed another $3 billion to the company, boosting its valuation to at least $42 billion.
- American flexible working space provider WeWork on Tuesday announced that its largest shareholder, SoftBank, has committed another $3 billion to the company, boosting its valuation to at least $42 billion.
- The new funding from Softbank pushes WeWork’s warchest of cash and cash commitments to $6.5 billion, according to an account in the Financial Times , citing a presentation by WeWork to investors.
- WeWork’s cash, and the confidence that comes with it, is already evident in Asia, where the company has revealed plans for three new mainland Chinese locations in the last month, with still more centres opening in Southeast Asia and India.
- The co-working pioneer now has 297,000 desks in place across 24 countries, the New York Times cited company representatives as saying, with plans to extend that by another 100,000 desks by the end of this quarter — expanding its available stock as much in the current three months as it did during all of 2017.
- Much of WeWork’s expansion has been happening in Asia, where it is rolling out multiple centres this quarter in mainland China, India and Southeast Asia.
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