WeWork Announces $500m Investment in China
By Modupe Gbadeyanka
WeWork Companies has announced a $500 million Series B investment in WeWork China led by Trustbridge Partners, Temasek, the SoftBank Group, the SoftBank Vision Fund and Hony Capital.
This funding will accelerate WeWork’s growth in China, allowing the company to serve more entrepreneurs, creators, and enterprises across the region through the unparalleled design, technology, hospitality and local community WeWork provides.
In the two years since opening its first location in China, WeWork has become a trusted local partner to creators and businesses of all sizes, providing 20,000 members across nearly 40 locations in three cities with the community, culture, and services to start and scale their operations.
WeWork has also enabled more global businesses to have a presence in China, and helped Chinese businesses to both scale within the country and expand around the world.
In July 2017, WeWork announced the creation of WeWork China, with a $500 million Series A investment from Hony Capital and SoftBank dedicated entirely to accelerating WeWork’s expansion across China.
“We are grateful to our partners at Trustbridge, Temasek, SoftBank, and Hony for their belief in our vision and their support of our business. This investment will help WeWork fuel our mission to support creators, small businesses and large companies across China.
“WeWork has built an incredible team in China that supports our members every day, serving as a bridge for local companies who want to reach the world as well as for global companies that want to enter the Chinese market.
“While there is still much to do and learn, this investment highlights the potential for WeWork and our community of creators in the region and reaffirms our dedication to our team, our members and our partners in China,” said WeWork Co-Founder and CEO Adam Neumann.
“Trustbridge is pleased to join the WeWork China team. Through its thoughtful design, technology, hospitality and most importantly community, WeWork is paving the way for a new future of work in China and supporting the transformation from Made in China to Created in China.
“Whether entrepreneurs are just starting out, Chinese companies are looking to take their business global, or international enterprises want to do business here, they know WeWork is the local partner they need,” said Feng Ge, Managing Partner of Trustbridge Partners.
“Adam Neumann’s vision has always been for WeWork to be a global company with a local playbook, and nowhere is that more clear than in China where WeWork has developed an impressive offering.
“From its strong leadership team to locally-tailored technology integrations and community-based design, WeWork has demonstrated that it understands what businesses in China need to succeed. Through this investment, we look forward to WeWork continuing to support many more companies of all sizes across China,” said Ronald D. Fisher, Director, Vice Chairman of SoftBank Group Corp.
“Over the past two years, we’ve seen what WeWork’s growing presence in China can accomplish. WeWork is a global connector bringing entrepreneurs, startups and large enterprise companies from around the world together, a local partner supporting Chinese entrepreneurs and attracting new businesses to invest in China, and an innovator reimagining the workspace through its cutting-edge design, technology and community-focused culture. With our continued investment, we know WeWork will continue to lead in the future of work,” said John Zhao, Chairman and Chief Executive Officer of Hony Capital.