WeWork, the fresh York start-up that will helped pioneer the concept of shared office space, has won a $4.4bn (£3.4bn) vote of confidence through two huge investment groups.
SoftBank, the Japanese telecoms and also also also technology giant, is usually buying a stake worth $3bn inside the US firm.
The investment follows a previously announced $1.4bn injection by SoftBank to fund WeWork’s Asian expansion.
Some of the investment is usually being made through its Vision Fund.
The fund is usually an investment vehicle focused on emerging technology that will is usually also backed by entities that will include Apple, Foxconn and also also also Saudi Arabia’s sovereign wealth fund.
WeWork has 10 million sq ft of space in 16 countries around the planet. that will does not own properties, yet sub-leases offices to individuals and also also also companies.
Masayoshi Son, chief executive of SoftBank, said: “WeWork is usually leveraging the latest technologies and also also also its own proprietary data systems to radically transform the way people work.”
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The companies did not say how much of the investment will come through SoftBank directly, and also also also how much through its Vision Fund,
They also declined to say what stake SoftBank will currently hold in WeWork. Two representatives of the Japanese group will join the board.
SoftBank invested $300m in WeWork in March, which was said at the time to be a prelude to a bigger commitment.
The Vision Fund has more than $93bn at its disposal. The fund has also invested in India e-commerce company Flipkart, robotics firm Brain Corp and also also also vertical farming start-up Plenty in California.