This coworking company has a new ally in Latin America. WeWork announces this Wednesday the signing of a strategic association (joint venture) with SoftBank Latin America Fund, a fund that will exclusively operate the brand of shared spaces in Mexico, Argentina, Brazil, Chile and Colombia.

“Our joint venture agreement with Softbank Latin America Fund is the latest example of WeWork's progress toward optimizing our international markets with local capital and operating experience […] As the Latin America region continues to be an important market for WeWork, We have found in Softbank Latin America Fund the right partner to advance our business successfully, ”said Sandeep Mathrani, CEO of WeWork, in a statement.

The agreement seeks to enhance WeWork's position in the market with the fund's operating experience in local markets to reach companies seeking flexible space solutions in Latin America.

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"SoftBank is the perfect partner for WeWork given our understanding of the global and local technology landscape, our expanding investment ecosystem in the region, and our deep familiarity with WeWork's business model," said Marcelo Claure, CEO of SoftBank Group International.

The Japanese conglomerate predicted last February that this year it would invest $ 1 billion in Latin America from its private equity fund in light of the growth of technology companies in the region due to the Covid-19 pandemic.

The fund has 5,000 million dollars and has already invested in some Latin American companies, such as Banco Inter, Rappi or Gympass.

Adam Neumann, the former CEO of WeWork, and SoftBank reached an agreement last February to end a legal fight that began in 2019, when the financial group agreed to acquire about 3 billion in WeWork shares belonging to Neumann and other collaborators, operation that reversed. Today, the US firm is financially backed by SoftBank.

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Real estate companies focused on shared spaces have seen their sales decline during 2020. Sanitary measures aimed at restricting mobility in cities and preventing the spread of the SARS-CoV-2 coronavirus caused people to work from home and stop calls collaborative spaces.

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