WeWork has a new space—and a new vision for the future.
Fresh off raising $2 billion on a $47 billion valuation, WeWork will now be known as The We Company, Fast Company reported after interviewing the company’s CEO Adam Neumann on Monday. The new name will make it easier for The We Company to expand into other areas, according to the report. Initially, it will be made up of three business units—WeWork for coworking space, WeLive for residential space, and WeGrow, which includes an elementary school and coding academy.
According to Fast Company, the name change is the culmination of a plan Neumann and his co-founder Miguel McKelvey had back in 2009 when they were first raising money. They aimed at the time to make WeWork one division inside a larger “We” company that would include a WeBank, a WeSail company, and more.
The decision to change its name suggests The We Company has much bigger ambitions than simply providing people in cities across the U.S. With a place to work. In fact, Neumann told Fast Company that he envisions the company playing a role in every facet of people’s lives.
To achieve that, however, The We Company needs cash. And although the company generated $1.25 billion in revenue last year, it lost $1.22 billion.
In order to boost its business, the former WeWork announced this week that Japanese conglomerate SoftBank was investing $2 billion into the business on a $47 billion valuation. However, Fast Company revealed that SoftBank and WeWork had planned a $20 billion cash infusion that would have seen it buy out all the other investors and value WeWork at $50 billion. After the stock market’s troubles late last year sent SoftBank’s shares down 20%, however, the company was forced to revise its investment, according to the report.
Still, it’s not all bad for The We Company. It now has $7 billion in cash on hand and its agreement with SoftBank allows for another $1.5 billion cash infusion from the company in 2020.
The We Company did not immediately respond to a Coins2Day request for comment on the report.
