Workspace sharing service WeWork has announced it has received a new $4.4bn (£3.4bn) investment from the SoftBank Group, with $1.4bn earmarked for the companies created for the firm's expansion in Asia - WeWork China, WeWork Japan and WeWork Pacific.
The funding comes less than a month since WeWork announced a $500m funding round for its standalone Chinese business, which SoftBank also participated in. This new funding is understood to include the previously announced investment in WeWork China, but still represents a huge vote of confidence in the co-working company.
WeWork's global community of startups, small and medium-sized businesses and freelancers currently stands at around 150,000 members, and the investment will be focused on growing that number, as well as further expanding the company's physical presence across the globe.
$3bn of the investment will go towards WeWork's parent company via a primary investment in new shares and secondary purchase of existing shares, while the rest will be split between the firm's three Asia-focused companies.
"WeWork is leveraging the latest technologies and its own proprietary data systems to radically transform the way people work,2 said Masayoshi Son, chairman and CEO of SoftBank Group. "We are thrilled to support WeWork as they expand across markets and geographics and unleash a new wave of productivity around the world."
"Masayoshi Son is a visionary business leader and we are humbled by this strong endorsement of our mission and purpose," said Adam Neumann, co-founder and CEO of WeWork. "This support from SoftBank and the Vision Fund will provide even more opportunities for creators as we set out to humanise the way people work and live."