Co-working space operator WeWork has snagged a $500-million Series B round for its China subsidiary led by Trustbridge Partners, Temasek, SoftBank Group, SoftBank Vision Fund and Hony Capital, it said in an announcement.
WeWork China had also raised a $500-million round last year from SoftBank and Hony Capital to fuel its growth and operations in the country.
The startup expanded to China in 2016 and has grown to 20,000 members across nearly 40 locations in three Chinese cities. It plans to expand to six new Chinese cities this year including Shenzhen, Hangzhou, Nanjing, and Wuhan.
“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,” said WeWork co-founder and CEO Adam Neumann.
According to Bloomberg, the latest funding round values WeWork China at $5 billion. Parent WeWork was said to be in talks to raise funds at a $35-billion valuation.
“WeWork is paving the way for a new future of work in China and supporting the transformation from ‘Made in China’ to ‘Created in China’. Whether entrepreneurs are just starting out, Chinese companies are looking to take their business global, or international enterprises want to do business here, they know WeWork is the local partner they need,” said Trustbridge Partners managing partner Feng Ge.
In April, WeWork acquired Chinese rival Naked Hub for $400 million. It has previously gobbled up Singapore-based Spacemob to fuel its growth in Southeast Asia and Korea.
WeWork counts bike-sharing major Mobike and ride-hailing major Didi Chuxing among its members.