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SoftBank Group Corp. invested $300 million in WeWork Cos., a person familiar with the matter said, an influx of cash that values the New York-based co-working giant at more than $17 billion.

The investment from SoftBank is the first in what will probably be a much larger stake, said the person, who asked not to be identified. The additional cash is expected to come from the $100 billion Vision Fund. With the new money, WeWork’s valuation increases to about $18 billion, according to an estimate by private stock market provider Equidate.

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