Coworking giant WeWork has been valued at $42 billion after their largest investment to date— $3 billion from Japanese tech company SoftBank. This tips off WeWork’s total funding to $6.4 billion.
The investment was made in form of a warrant, which will allow SoftBank to buy WeWork shares before September of 2019 depending on if the company goes public or is acquired beforehand.
“The corporation already committed $1 billion in August in the form of a convertible note. The note, which would be allegedly transformed to equity at varying share prices, will not be compromised by the newly announced warrant, Bloomberg reported. In addition, SoftBank committed $4.4 billion last year, a deal that valued the company at $20 billion at the time.”
WeWork is devoted to creating more than a workplace; they wish to create a lifestyle for its members.
Co-founder and CEO Adam Neumann has been in the entrepreneurship business for over a decade now, having founded coworking space the Green Desk that is credited with transforming Brooklyn’s DUMBO neighborhood.
WeWork operates in over 30 countries all over the world and some of their most prestigious members include Facebook, Microsoft, Adidas, and more.