WeWork, the NYC-based coworking space company, received an additional $2 billion investment from SoftBank.
This brings total investment in this round by Softbank to $6 billion. $5 billion is in the form of primary growth capital and the remaining $1 billion in secondary capital which will be used to fund share purchases from investors and employees.
WeWork’s post-money valuation is now $47 billion.
This investment includes a previously announced $4 billion funding commitment from SoftBank in the form of a $1 billion convertible note and a $3 billion warrant. WeWork and its subsidiaries have now raised more than $10 billion in total commitments from SoftBank since 2017.
WeWork also announced the launch of The We Company. The We Company will establish WeWork, WeLive, and WeGrow as three distinct business lines.
Led by Adam Neumann, Co-Founder and CEO, WeWork began 2019 with more than 400,000 members at 425 locations in 100 cities across 27 countries. Enterprise customers (members with over 1,000 employees) accounted for over 30% of the company’s total membership base.