Startup Zen, a co-working space and entrepreneur services firm backed by IDG Capital Partners, has completed a listing on China’s New Third Board as the first co-working company to achieve a stock market debut.
Founded in 2013, Startup Zen previously raised an undisclosed amount from IDG and China Universal Asset Management (Hong Kong) Co. Ltd., a Chinese fund manager.
The company reached a strategic partnership in June with U.S. co-working space pioneer WeWork on a number of cooperation initiatives. A month later, it partnered with Optimatic Ptd Ltd., a Southeast Asian technology start-up service platform. It also teamed up with Silicon Valley Bank to provide low-interest loans to Chinese start-ups.
"Different from a purely co-working space provider, we aim to turn our co-working space into a platform for offline connections, community building, marketing and other value-add services," says Wang Hao, founder of Startup Zen.
Startup Zen currently operates a number of co-working space in Beijing, Shanghai and Shenzhen and has served over 200 start-up teams. The company is targeting to reach a total of ten locations in 2017 and increase its start-up teams to 500.
Aside from providing co-working space to start-ups, the firm also provides entrepreneurial services including advisory, capital introduction and incubation.
Other Chinese co-working space firms including UrWork, KrSpace, Naked Hub, Fountown and Nash Work all claim to provide similar services.
Startup Zen plans to use the latest proceeds from the listing on international expansion, potentially in Israel, U.S. and Southeast Asia.