- SoftBank plans to invest another $2 billion in WeWork, the start-up announces.
- It also says it is rebranding itself as The We Company.
WeWork is rebranding as The We Company as it collects new capital from SoftBank Group.
SoftBank plans to invest $2 billion more in WeWork, the start-up announced Tuesday. That's in addition to $4 billion that was previously announced and brings SoftBank's total investment in the start-up to around $10 billion.
Most of SoftBank's recent investment is at a post-money valuation of $47 billion, but $1 billion of the investment was at a lower, pre-money valuation of $20 billion.
In December, SoftBank considered an additional investment of as much as $16 billion, a person with knowledge of the situation told CNBC. That would have made SoftBank a majority stakeholder.
The rebranding appears to be largely contained to marketing at this point. The company is sticking with its main service offerings. But it signals bigger changes down the road, as it eyes entrance into every facet of urban living. Fast Company first reported the rebrand.
"The We Company's guiding mission will be to elevate the world's consciousness. Living a conscious life means choosing to live proactively and with purpose. It means being a student of life, for life, where we accept that we are always growing and in a constant state of self-discovery, self-growth, and change," the company's founders said in a blog post Tuesday.
WeWork currently operates individual and enterprise office rentals on a membership basis, residential living communities — dubbed WeLive — and WeGrow early education schools. Each of those business segments will run as stand-alone units under the new We Company umbrella.
And there's more to come. CEO Adam Neumann told Fast Company a service called WeBank is in the works and hinted at past ideas for things like WeSleep and WeSail.