New $3b Softbank investment boosts Wework valuation to at least $42b
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.
Softbank is investing in WeWork through a warrant that allows the venture funding titan run by Japan’s Masayoshi Son to buy WeWork shares at a price of $110 or higher before September 2019, according to media accounts, and values the shared real estate startup at more than double its 2017 valuation of $20 billion.
The new funding from Softbank pushes WeWork’swarchest of cash and cash commitments to $6.5 billion, according to an account in the media, 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.