Some of the 383 pages of the initial presentation of public offers of The We Company included some names with large dollar signs attached.
The company is the first of a new generation of flexible office providers that is preparing to go public. His presentation on Wednesday sheds more light on who some of his biggest investors are. WE Holdings, an entity created to manage shares for management, owns 114.2 million shares of The We Company, which changed its name from WeWork.
The largest external shareholder, SoftBank, owns 114 million shares, while the venture capital firm Benchmark Capital Management has about 33 million shares. The company's general partner, Bruce Dunlevie, is in the WeWork directory. Benchmark used capital from its seventh fund, along with the fund of its founders, to invest in the company, according to the document. The venture capital firm invested in a number of other unicorns in that fund, including Uber, Snap and Stitch Fix, according to the Wall Street Journal.
See more: WeWork details the network of loans, real estate agreements and family involvement of CEO Adam Neumann with the company
JPMorgan funds constitute the third largest non-US investor, with 18.5 million shares. The company participated in four rounds of WeWork financing – Series C, D, E and F – according to the presentation. The funds that invest include Red River Venture Capital Fund, 522 Fifth Avenue Fund, PEG Digital Growth Fund II and a handful of related PEG funds.
Investors include the Co-Op Retirement Plan, a group of multiple employers for agricultural supply companies; the National Pension Fund of the Automatic Sprinkler Industry; and the UNITE HERE Retirement Fund for the multi-sector union of 300,000 people.
WeWork also listed investors who bought shares since 2016:
- Hony's capital, a Chinese firm whose founder is on the WeWork board, bought 10 million shares for $ 505 million in the Series F round
- Fidelity, the asset management firm, bought almost 400,000 shares for $ 18.5 million in the Series F round
- SoftBank Vision Fund SBWW Investments affiliate acquired almost 33 million shares for $ 1.7 billion in the G Series round
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