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WeWork gets $4.4 billion from Softbank, with an eye toward Asia

Softbank is investing $4.4 billion into coworking business WeWork. The majority of the money will go into the primary WeWork business with $1.4 billion going toward WeWork’s expansion in Asia. This new funding includes a $500 million investment from July, in which Honey Capital also participated.

WeWork has announced ambitious plans to get beyond its core coworking offering. The company, which has already launched a co-living service, also wants to find, design, and run office spaces for major corporations—essentially commodifying the WeWork experience for ordinary offices. It’s also pursuing a major expansion in China this year. Already the company operates 160 locations in 50 cities across the globe.

Still, the increased funding will beg yet more questions about how much WeWork is actually worth. The company was previously valued at $20 billion. While CEO Adam Neumann said earlier this year that the company was tracking toward billion dollar revenue, it has yet to hit profitability.

As for Softbank, the company’s vision fund has been making a number of headline-grabbing investments, including in Southeast Asia ride-hailing company Grab and chipmaker Nvidia.RR