Global co-working giant WeWork’s China unit is reportedly buying Chinese shared office space startup naked Hub for US$400 million according to sources close to the deal.
China co-working space UrWork (Beijing) Venture Investment Co. Ltd., also known as Ucommune, announced that it has completed its acquisition of China’s Woo Space. The company’s valuation now stands at US$1.7 billion, the company said.
China’s largest co-working office space operator Ucommune, previously known as UrWork, has raised an additional RMB110 million (US$17.4 million) from existing investor Qianhai Wutong Mergers and Acquisition Funds, an M&A fund backed by regional equity exchange Qianhai Equity Exchange.
China’s largest co-working office space operator UrWork, founded in 2015, has raised a RMB300 million (US$45 million) series C financing round at RMB9 billion (US$1.3 billion) valuation. The new financing round came four months after the two-year-old start-up raised a RMB1.2 billion (US$179 million) pre-C round in August.
Financing of Chinese co-working space industry continues to accelerate as leading players battle for market share.
China’s largest co-working space operator UrWork has completed a RMB200 million (US$29 million) investment round from Beijing Aikang Group, a Chinese conglomerate in the healthcare, real estate and investment businesses.
Bigger, a start-up incubator and co-working space company backed by Chinese real estate developer Modern Land China Co., Ltd., has completed a US$18 million series A financing round led by an investment unit of property developer Hongfu Group.
Beijing Xingpai Group, a Chinese conglomerate engaged in the sports, real estate and investment businesses, has led a RMB800 million (US$116) investment round in co-working space start-up UrWork and 5Lmeet, both founded by Mao Daqing, a former real estate executive at China Vanke Co., Ltd.
JOY Capital, a venture firm founded by three ex-executives of the venture arm of Legend Holdings Ltd., has led a US$20 million series B round in Mydream+, a Beijing-based co-working space start-up.
Chinese co-working space company Urwork has agreed to merge with peer New Space, a Beijing-based incubator and co-working space firm. The transaction is the first merger deal in the crowded co-working industry in China.
ChinaEquity Group, a Beijing-based alternative investment firm, has led an series A+ round of around RMB100 million (US$14 million) in Wujie Space, a Beijing-based co-working space start-up.
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.
Another Chinese co-working space start-up has raised venture funding. CDH Investments has led a RMB200 million (US$30 million) series A round in Shanghai-based Fountown, a WeWork copycat.
UrWork, a start-up providing co-working space to individuals and small companies, has completed a RMB300 million (US$46 million) pre-B round from Chinese commercial property developer Yintai Land and Zhongrong International Trust Co., Ltd.