UrWork Raises $31M In Series A+ Round

UrWork, a co-working office space start-up founded a year ago by a former executive at China Vanke Co., Ltd., has completed RMB200 million (US$31 million) series A+ round of financing from undisclosed investors, according to Chinese media reports.

The new financing round took place six months after the start-up raised RMB200 million from Gopher Asset Management Co., Ltd. and an obscure Chinese investment firm.

The company’s founder Mao Daqing previously served as an executive vice president of China Vanke Co. Ltd. since March 2011.

He left Vanke in March 2015 and founded UrWork, whose name and business model is based on U.S. co-working space company WeWork.

UrWork is planning to open 36 locations across 16 cities in China, with 120,000 square meters of office space with 20,000 desks, according to its website.

Aside from providing co-working space for young entrepreneurs and teams, the company also offers legal and accounting services, marketing, healthcare, cloud computing, investor introduction and events to its members.

China Expert Network
China Expert network