UrWork Completes $31M Series A Funding Round

UrWork, a co-working office space start-up founded five months ago by former China Vanke Co., Ltd. vice resident Mao Daqing, has completed RMB200 million (US$31 million) series A round of financing.

According to a Weibo announcement made by the founder of China eCapital Corporation, which served as financial advisor to the round, the financing process took only one and half months.

The identities of the investors are not disclosed.

UrWork currently operates co-working office space in seven Chinese cities including Beijing and Shanghai.

Its flagship location is a 150,000 square meter office space in the Central Business District (CBD) in Beijing, which opened today.

Mao Daqing served as an executive vice president of China Vanke Co. Ltd. since March 2011. He left Vanke in March and founded UrWork that same month.

(Update on September 17, 2015: UrWork’s official Weibo account re-tweeted a news article, which says that the round is led by Gopher Asset Management Co., Ltd. and another investment firm, whose identity China Money Network cannot verify. Existing investors Sequoia Capital and Zhen Fund also participated.

Gopher Asset Management is a private equity firm, and is a subsidiary of Chinese wealth management firm, Noah Private Wealth Management.)