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WeWork, the company behind co-working spaces throughout the world,H just raised $4.4 billion in a funding round from SoftBank.
WeWork launched in 2010 and is one of the biggest private tech companies in the world. Critics, however, question whether co-working is really worth $20 billion. The company rents out office spaces around the world and then re-rents it to small startups or freelancers who don’t have or want their own offices.
Before this massive funding round, WeWork had raised $1.4 billion. Rumors that WeWork could bring on this much funding started spreading in February.
The investment is made up of $3 billion toward WeWork’s parent company and another $1.4 billion in local WeWork businesses in China, Japan, and Southeast Asia and Korea, part of which was previously announced. It’s from SoftBank, a Japanese telecom giant, and SoftBank’s Vision Fund.
Right now, WeWork has 150,000 members in 16 countries. With $4.4 billion behind it, those numbers will probably grow pretty soon.