WeWork raises $500M for Chinese subsidiary

SoftBank, Hony invest again

National /
Jul.July 26, 2018 01:00 PM

Adam Neumann, a WeWork space in China, and Masayoshi Son (Credit: Getty Images and WeWork)

WeWork’s Chinese subsidiary landed $500 million in a Series B funding round from SoftBank, Trustbridge Partners, Temasek and Hony Capital, the company announced Thursday.

The co-working giant officially launched the subsidiary, dubbed WeWork China, last July and landed a $500 million Series A investment from SoftBank and Hony. WeWork claims to have 20,000 customers in China — a number it hopes to grow to 40,000 by the end of the year. It runs close to 40 office locations in three Chinese cities.

Masayoshi Son’s SoftBank last year committed $4.4 billion to WeWork and is in talks to invest even more money, reportedly at a $35 billion valuation.

WeWork’s expansion into China comes as its fiercest Chinese competitor, UCommune, eyes the U.S. market.


Related Articles

arrow_forward_ios
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
WeWork CEO Adam Neumann (Credit: Getty Images and iStock)
WeWork’s side businesses are fizzling
WeWork’s side businesses are fizzling
Sarah Pontius (Credit: Union College)
Another head rolls at WeWork
Another head rolls at WeWork
Softbank CEO Masayoshi Son and Adam Neumann (Getty/Illustration by Kevin Rebong for The Real Deal)
Adam Neumann, SoftBank near settlement agreement
Adam Neumann, SoftBank near settlement agreement
WeWork CEO Sandeep Mathrani (Wikipedia Commons, iStock/Illustration by Kevin Rebong for The Real Deal)
WeWork slashes rents in some cities
WeWork slashes rents in some cities
Acore Partner Warren de Haan. (Acore, Getty)
Acore Capital raises $1B to provide rescue cash to hotels
Acore Capital raises $1B to provide rescue cash to hotels
 61 Bond Street in Brooklyn, iStar's Jay Sugarman and GFI's Allen Gross (Photos via Google Maps, iStar and Urban Land Institute)
GFI sells ground under Ace Hotel in Brooklyn for $45M
GFI sells ground under Ace Hotel in Brooklyn for $45M
AKA United Nations at 234 East 46th Street (Google Maps, iStock)
Bank forecloses on Prodigy’s AKA United Nations hotel building
Bank forecloses on Prodigy’s AKA United Nations hotel building
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...