Telecommunications and internet firm SoftBank has invested $300m in US-based co-working space provider WeWork, the Wall Street Journal reported today, citing people familiar with the matter.
The capital, which was provided at a $17bn valuation according to Bloomberg, will form part of a round that could reach $3bn. SoftBank is expected to supply the additional cash through the $100bn Vision Fund it plans to close shortly.
Founded in 2010, WeWork operates a network of working spaces stretching across cities in 15 countries that feature super-fast internet, printing and scanning facilities, common spaces, meeting rooms and free refreshments.
The company has raised nearly $1.7bn altogether, most recently closing a $690m series F round in October 2016 at a reported $16.9bn post-money valuation.
Hotel operator Shanghai Jin Jiang International Hotels, conglomerate Legend Holdings and Hony Capital, the private equity arm backed by Legend, were among the participants in the series F round.
Past investors in WeWork include Fidelity Management and Research, JP Morgan Investment Management, T. Rowe Price, Goldman Sachs, Benchmark Capital and clients of Wellington Management Company, all of which took part in a $434m round that closed in 2015.
– Photo courtesy of WeWork