WeWork Gets Another $1 Billion From SoftBank – Bloomberg
What happened: SoftBank will invest another $1 billion in WeWork, the co-working space startup said on Thursday during a discussion of its first-half performance. The US-based startup said the new injection would boost its existing cash pile to $4 billion, which it will use for overseas expansion efforts and new property and office space acquisitions.
Why it’s important: WeWork has been focusing on growing its businesses overseas, especially in China—a costly endeavor that has put the startup in mounting losses. Fortunately, with the support of generous backers, WeWork has been able to grow at an exceptional pace. The co-working space startup had already raised about $5 billion from the Japanese conglomerate for its subsidiary in China. SoftBank was a major investor in WeWork China’s $500 million funding round in July.