Japanese telecoms giant SoftBank is preparing to make a $4.4bn (£3.4bn) investment in a workspace start-up alongside its multi-billion dollar innovation investment fund.

The pair plan to back the New York-based provider of shared working space ahead of its expansion into major Asian markets.

The group said $3bn will be channelled into new shares in WeWork and buying out its existing investors. The remaining $1.4bn will be used to grow its presence in China, Japan and Korea and Southeast Asia.

WeWork is one of the fastest growing shared workspace provider for entrepreneurs freelancers and start-ups, with more than 150,000 members across 160 locations in 16 countries.