Temasek as well as SoftBank and its Vision Fund were among five investors that co-led the round to double the amount raised by WeWork's China spinoff to $1bn.
Telecommunications group SoftBank and the Vision Fund it oversees were among the investors that co-led a $500m series B round for WeWork China, co-working space provider WeWork’s Chinese offshoot, yesterday.
Growth equity firm Trustbridge Partners, private equity firm Hony Capital and Temasek, the investment firm owned by the Singaporean government, co-led the round, which valued it at $5bn according to the Financial Times.
WeWork China has built up a network of 40 locations across three Chinese cities with a total membership of about 20,000, providing working spaces with facilities such as meeting rooms, high-grade printers, office supplies and free coffee.
The company launched in July 2017 with $500m of series A funding that was supplied by SoftBank and Hony Capital as part of a deal that gave them a combined minority stake. The latest capital influx will be used to expand its presence in China.
Adam Neumann, WeWork’s founder and CEO, said: “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.”
In addition to WeWork China, the firm has launched WeWork spinoffs in India and the Asia Pacific region. Real estate developer Embassy Group invested approximately $15.7m in WeWork India in January this year.