(NEW YORK, NY) — On Tuesday WeWork announced that it will change its name to The We Company.
News of the rebranding effort comes after SoftBank, the company’s biggest investor, invested just $2 billion into the company instead of a planned $16 billion. Reports suggest that the smaller investment was due in part to WeWork’s money-losing year in 2018.
Here’s the thought process behind the out-of-left-field name change. The company has three branches. Along with its commercial spaces, there is WeLive and WeGrow. WeLive is a coliving concept that is community-oriented. WeGrow, a pilot program, challenges the style of traditional education by offering a school for elementary-aged students that is hyper focused on conscious entrepreneurship.
The We Company brand will represent all that the company has to offers, not just the co-working branch. But the three branches are just the beginning. CEO Adam Neumann told Fast Company the creation of WeBank is in the works.