SoftBank invests $300 million in shared-office space startup WeWork
Above: SoftBank Group Corp Chairman and CEO Masayoshi Son speaks at SoftBank World 2016 conference in Tokyo, Japan, July 21, 2016.
Image Credit score rating: REUTERS/Kim Kyung-Hoon/File Image
(Reuters) — SoftBank Group Corp has invested $300 million in shared-office space agency WeWork, the first installment of a multi-billion-dollar guess, consistent with a provide conscious of the matter.
SoftBank, the Japanese telecommunications and net agency, has made daring and wide-ranging bets inside the know-how enterprise, along with India ride-service agency Ola, San Francisco-based financial firms startup SoFi and Virginia-based satellite tv for pc television for laptop communications startup OneWeb.
The WeWork funding is solely the first tranche of a lots greater funding spherical that is anticipated to entire about $three billion, consistent with the person conscious of the matter, who spoke on scenario of anonymity.
Whereas this main spherical of funding comes from SoftBank itself, the remainder of the cash is predicted to come back again from SoftBank’s $100 billion Imaginative and prescient Fund, a big tech-focused funding vehicle led by CEO Masayoshi Son.
WeWork and SoftBank declined to comment.
New York-based WeWork leases office space and divvies it as a lot as rent out to folks and small corporations, particularly startups. It encourages people to share locations of labor and customary space.
SoftBank’s funding was reported earlier Monday by the Wall Street Journal.
(Reporting by Heather Somerville; Enhancing by Stephen Coates)
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