WeWork raised $500 million from Temasek and SoftBank

Tinuku - WeWork's China unit gets US$500 million funding from Temasek and Softbank. The Chinese unit of US co-working space provider WeWork Cos said it on Thursday has raised fresh funds from investors including Temasek Holdings and SoftBank Group Corp as it looks to expand in the market for shared office space in the country.

It is the second US$500 million investment the unit has received since it was launched a year ago in China where it is competing with local firms such as UrWork, which WeWork sued in September alleging trademark infringement. Other investors in the latest round include private equity firm Trustbridge Partners and Chinese fund Hony Capital.

Tinuku WeWork raised $500 million from Temasek and SoftBank

"While there is still much to do and learn, this investment highlights the potential for WeWork and reaffirms our dedication to our team, our members and our partners in China," WeWork cofounder and CEO Adam Neumann said.

The new investment follows WeWork China's purchase of local rival Naked Hub, which helped boost the firm's presence to 40 locations in three cities, with roughly 20,000 members. New York-based WeWork leases office spaces and rents them out to individuals and startups, and has said it hopes to boost its membership in China to 1 million by 2021.