SoftBank invests additional $3 billion in shared-office startup WeWork

Amazon to complete acquisition of Whole Foods on Monday
August 24, 2017
In wake of Foxconn deal, Wisconsin and Illinois vie for jobs
August 24, 2017
This post was originally published on this site

(Reuters) – WeWork Cos said on Thursday it received an additional $3 billion investment from Japan’s SoftBank Group (9984.T) and its Vision Fund, helping the shared-office startup ramp up its expansion globally.

SoftBank’s investment will be through new shares and the acquisition of existing shares of the startup’s parent company, WeWork said in a statement

New York-based WeWork said SoftBank’s Director and Vice Chairman Ronald Fisher and External Director Mark Schwartz will join the company’s board.

SoftBank has already made a $1.4 billion investment in the company to fund the group’s expansion in China, Japan, South Korea and elsewhere in southeast Asia.

Vision Fund, which has raised over $93 billion to invest in technology sectors such as artificial intelligence and robotics, is backed by Japanese billionaire Masayoshi Son’s SoftBank and Saudi Arabia’s main sovereign wealth fund.

WeWork leases office space and rents it out to individuals and small companies, namely startups.

Reporting by Laharee Chatterjee in Bengaluru; Editing by Anil D’Silva

Our Standards:The Thomson Reuters Trust Principles.