Chinese co-working space operator UrWork says it has completed a RMB1.2 billion (US$179 million) pre-C financing round from a group of Chinese investors, which will help fuel its expansion in China and beyond.
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.
Beijing-based Huodongxing.com, an Eventbrite-like platform where organizers plan, promote and sell tickets to their events online, has raised a series A+ round worth tens of million RMB from Tencent Holdings Ltd., co-working space start-up UrWork and Japanese human resources firm Recruit Holdings Co., Ltd.
Chinese venture capital firm JOY Capital has led a series A+ round of over RMB100 million (US$14 million) in Danke Apartment, an online apartment rental platform, with participation from co-working space start-up UrWork and existing investor Kaiwuhuadeng.
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.
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.
Chinese co-working space start-up UrWork has raised a new round of financing worth RMB400 million (US$58 million) from Tianhong Asset Management Co., Ltd., a fund management firm affiliated with Ant Financial, Chinese property developer Junfa Group and a number of other Chinese companies.
Grant Horsfield, founder of Shanghai-based resort and co-working space operator naked Group, always sees things differently. When others saw dilapidated farm houses in China’s countryside, he envisioned seclusive luxury resorts. Now, a year after entering China’s co-working space, the South African entrepreneur is convinced that the future of his multi-pronged hospitality and property business lies in fast execution.