WeWork, a global provider of space, community and services, received a $500m investment.
Backers included SoftBank Group Corp. and Hony Capital.
The company will use the funds for growth and expansion of its operations throughout China. The investment vehicle, led by Hony Capital and a subsidiary of SoftBank, created an entity that will operate under the name WeWork China. WeWork will be responsible for the management and operations of WeWork China, while SoftBank and Hony Capital will each own a minority stake. With the support of local teams and its partners, WeWork will continue looking for new space in cities with existing mature businesses, while also exploring new regions with potential for innovation and growth.
The investment will enable WeWork China to expand its operations into new cities next year and increase its current pressence in Beijing, Hong Kong and Shanghai. In the immediate term, WeWork China will continue building its local team and attracting new talent to join in its mission and help facilitate this unprecedented expansion.
To oversee this expansion and lead the Asia region, Christian Lee will become the Managing Director of WeWork Asia and will be based in Shanghai at the Company’s regional headquarters. Lee will manage all aspects of WeWork China’s operations, build and scale the local team, pursue partnership and growth opportunities, and ensure the continuity of WeWork’s signature culture, product and community.
Started in New York City in 2010 by Adam Neumann and Miguel McKelvey, WeWork is a platform for creators, providing more than 130,000 members around the world with space, community, and services through both physical and virtual offerings.
It currently has more than 155 physical locations in 50 cities and 15 countries around the world.
In greater China, WeWork currently operates eight locations and – by the end of 2017 – is expected to have about 15,000 members in the country.