IDG Capital Co-Leads $145M New Round In Chinese Co-Working Space Operator

Kr Space, a co-working space spin-off from Chinese tech-focused online publication 36Kr, announced on Wednesday that it has raised RMB1 billion (US$145.50 million) in a new funding round.

The new round was jointly led by returning investors, Boston-born investment firm IDG Capital, asset management firm Gopher Asset, and China-based new investor Yixing Capital, said Kr Space in a statement released on its WeChat official account.

Kr Space was spun off from Ant Financial-backed 36Kr as an independent entity in January 2016. The company said it has recorded over 40 co-working spaces in 10 cities in China as of April 2019, including Beijing, Shanghai, Hong Kong, Guangzhou, Hangzhou, Nanjing, Wuhan, Chengdu and Tianjin.

Proceeds of this round will be used to promote the implementation and development of a new business strategy, in which the company seeks to transfer itself into "a full life-cycle enterprise office service provider" that delivers "integrated office service plus asset management service."

Kr Space raised tens of millions of yuan in a series B+ round from Gopher Asset in March 2019. Prior to it, the company raised a US$300 million series B round from Gopher Asset and Funcity Capital, and a RMB600 million (US$87.33 million) pre-B round from investors including IDG Capital, Gobi Partners, Unity Ventures and Prometheus Capital in 2018.

It also raised RMB100 million (US$14.56 million) in a funding round from IDG Capital in 2017. In 2016, it collected RMB200 million (US$29.11 million) in a series A+ round from Prometheus Capital and IDG Capital, before it secured tens of millions of yuan in a series A round led by Colony Capital.

China Expert Network