WeWork is raising $3 billion from SoftBank and its massive tech fund
REUTERS/Kim Kyung-Hoon
The deal could be among the first from SoftBank's $100 billion technology Vision Fund, which was announced last October and is being described as the largest fund of its kind in the world.
WeWork has just received an investment of $300 million from SoftBank itself, according to the Wall Street Journal. The company is expected to raise a further $2.7 billion from SoftBank's Vision Fund.
Private investors currently value WeWork's business at $17 billion, and the latest investment round is likely to propel WeWork's valuation even higher, the WSJ said.
WeWork declined to comment. SoftBank did not immediately respond to a request for comment.
Back in January, it was reported that SoftBank's Vision Fund was mulling a $1 billion investment in WeWork. At that time, the Wall Street Journal reported that some SoftBank executives were concerned about investing in a startup with such a rich valuation, especially a real estate startup that some see as far afield from the Vision Fund's tech focus.
The Vision Fund is made up of contributions from SoftBank itself, Saudi Arabia via the Kingdom's Public Investment Fund, and other investors from around the world, including Oracle Executive Chairman Larry Ellison and Apple.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas