WeWork Landed Additional $2 Billion From SoftBank, Rebrands as The We Company

SoftBank Group International has invested an additional sum of $2 billion in The We Company, formerly known as WeWork, the latter announced Tuesday, confirming Monday reports by the Financial Times, Bloomberg, and Reuters. On the same occasion, the company also announced it was rebranding.

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The new investment joins SoftBank’s $4 billion investment in WeWork made last year. The deal brings Softbank’s total investment in We to over $10 billion to date.

In October, the Wall Street Journal reported that SoftBank was in talks to invest between $15 billion and $20 billion in the shared real estate company, becoming a majority stakeholder.

The We Company will serve as an umbrella for the company’s various business ventures—coworking service WeWork, its co-living service WeLive, and its kindergarten and elementary school WeGrow.

In 2017, the company saw $886 million in revenues, double its 2016 revenues, and $1.5 billion in investment expenses, according to documents published by Bloomberg in June. The company also reported losses of $934 million, and $18 billion in lease obligations.

Founded in 2010 by Miguel Mckelvey and Israeli-born entrepreneur Adam Neumann, New York-headquartered The We Company has over 500 coworking locations in 97 cities around the world, according to company statements. WeGrow is currently available in just one location in New York and WeLive is available in New York and Washington DC.