WeWork has rebranded as The We Company following a $6bn (£4.7bn) investment from SoftBank.
The We Company is now valued at $47bn (£36.8bn) and will be divided into three "distinct business lines" – co-working space WeWork, WeLive and WeGrow. WeLive is the company's co-living rented accommodation offering, while WeGrow – operated by co-founder Rebekah Neumann – focuses on schools and education.
Loss-making WeWork had initially hoped to raise more investment from Softbank, but the Japan-based group has scaled back its planned investment for this year from $16bn (£12.5bn).
Adam Neumann, co-founder and chief executive of The We Company, said: "Through the extended WeWork network and the Meetup community, The We Company now touches approximately five million people around the world, with the funding to reach millions more."
During this rebranding, the company will continue to expand globally. As of the start of this year, the business operates in 425 locations in 27 countries.
"We’re driven by the impact we know we can have when we all work together with a shared intention," Adam Neumann said.
In September 2018, 30% of Fortune Global 500 companies were utilising the WeWork network.
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