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WeWork Gets Huge New Investment From SoftBank

August 24, 2017, 7:03 PM UTC

WeWork said on Thursday it received an additional $3 billion investment from Japan’s SoftBank and its Vision Fund, helping the shared-office startup ramp up its expansion globally.

SoftBank’s investment will be through new shares and the acquisition of existing shares of the startup’s parent company, WeWork said in a statement

New York-based WeWork said SoftBank’s director and vice chairman Ronald Fisher and external director Mark Schwartz will join the company’s board.

SoftBank has already made a $1.4 billion investment in the company to fund the group’s expansion in China, Japan, South Korea and elsewhere in southeast Asia.

Vision Fund, which has raised over $93 billion to invest in technology sectors such as artificial intelligence and robotics, is backed by Japanese billionaire Masayoshi Son’s SoftBank and Saudi Arabia’s main sovereign wealth fund.

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WeWork leases office space and rents it out to individuals and small companies, namely startups.