August 24, 2017 / 6:55 PM / a year ago

SoftBank invests additional $3 billion in shared-office startup WeWork

(Reuters) - WeWork Cos said on Thursday it received an additional $3 billion investment from Japan’s SoftBank Group (9984.T) and its Vision Fund, helping the shared-office startup ramp up its expansion globally.

FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File photo

SoftBank’s investment will be through new shares and the acquisition of existing shares of the startup’s parent company, WeWork said in a statement

People visit the booth of WeWork as they attend the TechCrunch Disrupt event in Manhattan, in New York City, NY, U.S. May 15, 2017. REUTERS/Eduardo Munoz/File Photo

New York-based WeWork said SoftBank’s Director and Vice Chairman Ronald Fisher and External Director Mark Schwartz will join the company’s board.

SoftBank has already made a $1.4 billion investment in the company to fund the group’s expansion in China, Japan, South Korea and elsewhere in southeast Asia.

Vision Fund, which has raised over $93 billion to invest in technology sectors such as artificial intelligence and robotics, is backed by Japanese billionaire Masayoshi Son’s SoftBank and Saudi Arabia’s main sovereign wealth fund.

WeWork leases office space and rents it out to individuals and small companies, namely startups.

Reporting by Laharee Chatterjee in Bengaluru; Editing by Anil D'Silva

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