UrWork, a co-working office space start-up founded five months ago by former China Vanke Co., Ltd. vice resident Mao Daqing, has completed RMB200 million (US$31 million) series A round of financing. According to a Weibo announcement made by the founder of China eCapital Corporation, which served as financial advisor to the round, the financing process took only one and half months. The identities of the investors are not disclosed. UrWork currently operates co-working office space in seven Chinese cities including …
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.
Chinese entrepreneurship service and media company 36Kr has spun off its KrSpace division, in an attempt to expand the unit into a national co-working space network, according to a company announcement.
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.
Chinese private equity firm Yung Park has led a RMB200 million (US$30 million) series B round of financing in Nash Work, a Beijing-based shared workspace start-up.
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.
5Lmeet, a space sharing start-up founded by Sequoia Capital China, Zhen Fund, China Equity Co., Ltd and a former China Vanke executive, has raised over RMB400 million (US$60 million) in a series A round led by Junzi Capital and Jinyun Electrical, a small electricity company.
In a short span of 13 months, over US$300 million in venture funding has been raised to support co-working space projects in China, as over half a dozen start-ups are vying to cater to growing demand for more flexible and collaborative work environment.
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.
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.
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.
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.
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.
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.
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.
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.
Chinese venture capital firm JOY Capital has led a series A+ round of over RMB100 million (US$14 million) in Danke Apartment, an online apartment rental platform, with participation from co-working space start-up UrWork and existing investor Kaiwuhuadeng.
Beijing-based Huodongxing.com, an Eventbrite-like platform where organizers plan, promote and sell tickets to their events online, has raised a series A+ round worth tens of million RMB from Tencent Holdings Ltd., co-working space start-up UrWork and Japanese human resources firm Recruit Holdings Co., Ltd.
BEIJING, July 12, 2017 /PRNewswire/ — UrWork, Beijing — China’s largest co-working space provider UrWork announced on 5th July to add Beijing Love & Health Group (known as Beijing Aikang Group), a major Chinese conglomerate with robust investment portfolio in health and hospitality sector into its growing investor roaster, fuelling future growth in vertical development of UrWork’s service platform.
The announcement of Beijing Love & Health Group’s strategic investment, equivalent of US$ 29.4 million, was made on July 5, seeing the two Beijing-headquartered companies to co-develop a novel co-working model, set to launch in the first half of 2018. The announcement came two months after the announcement of the US$ 58.8 million fund injection from Star Group, China’s leading supplier of table tennis equipment and incubator for professional snooker pool players.
Dr. Wang Dong, founder and Chairman of Beijing Love & Health Group spoke highly of the investment: "Dr. Mao Daqing has demonstrated phenomenal audacity and leadership through driving UrWork from complete scratch to the Unicorn status as it is today over a short course of two years. We see this as an opportunity to extend our portfolio in real estate developments and I am confident that the strategic investment built on our shared values and complementary strengths will see UrWork going from strength to strength."
Wang adds that UrWork’s strategic alliance with governments, the growth prospect of co-working industry, palpable commercial growth potential and strong management team are core factors that influenced the deal. He believes that UrWork sets the industrial standard and is happy to invest in a standard around which the whole industry can coalesce.
Beijing Love & Health Group, founded in 1993, is a leading Chinese conglomerate with diversified investment portfolio in pharmaceutical and medical, securities and funds, hospitality and catering, as well as real estate sectors. With a clear health-oriented investment strategy, the company champions medical system upgrading and provides excellent post-investment support.
"This new fund injection will help further strengthen our core verticals and diversify our investor portfolio. Beijing Love & Health Group’s investment is the forerunner of a series of facility and service upgrading at UrWork and we will continue to complement our existing platform facilities and resources with targeted health hospitality real estate, and contingent resources in shared working space sector," said Dr. Mao Daqing, founder and CEO of UrWork.
UrWork’s current investor portfolio counts the big names of the industry such as Zhen Fund, Sequoia Capital, Gopher Asset, Noah Wealth Management and Sinovation Ventures. The company is valued at US $1.3 billion after its merger with its biggest rival in China New Space in February. It counts Unicorns such as ofo, Mobike, BlueGogo, Bilibili, Today’s Headline, as well as large global enterprises such as Amazon China, JD.com as its roaster tenants.
UrWork (Beijing) Venture Investment Co., Ltd, known as UrWork, is a co-working disrupter and leader in China, providing start-ups, SMEs and corporate tenants with on-demand, short-term leasing and customised space solutions at an exceptional value. The company has last month opened its first overseas location at JTC launchpad in Singapore in tripartite partnership with Singapore International Enterprise and CapitaLand, and sets to open another 150 locations across 32 cities worldwide including Los Angeles, New York and London over the next three years, enabling community connection for 40,000 individual members and over 5000 enterprises.
While actively building economy of scale through soliciting investments, UrWork advocates consumption-upgrading in line with the central government’s national economic development scheme. Offering integrated multi-functional services and modern office facilities, UrWork platform aggregates over 1000 partner enterprise and third-party service suppliers, encompassing financial advisory, human resources, media, consultancy, international shared-medical-service platform, online sport travel commerce, intellectual property protection, intelligent hardware, start-up accelerator and interior design.
The global sharing economy in 2014 was reported to reach US$ 1.5 billion and US$ 8.1 billion by 2015. The total market capitalisation of share economy is estimated to reach US$ 335 billion, with 36% year-to-year growth rate. Assessing from the current growth trajectory, China’s sharing economy volume will crown the world within the next three to five years.
"The rising concept of co-working address the more mobile working style modern urban professionals have today, where an increasing number of people work on the go, resulting in an under-utilisation of working space. By making space more dynamic with well-crafted furniture and facilities, and supportive services, this recaptures the latent under-utilised space, which also helps drive greater cost efficiencies," said Mao, a former real estate executive with 23 years of experiences in the commercial and residential real estate under his belt. "We are looking to diversify our portfolio and strengthen our brand asset in a bid to create a more comprehensive and inclusive ‘UrWork’ experience integrating all contexts in work and life."
Cautionary Statement Regarding Forward-Looking Statements:
This press release contains forward-looking statements. All statements contained here that are not clearly historical in nature or that necessarily depend on future events are forward-looking, and the words "anticipate," "believe," "expect," "estimate," "plan," and similar expressions are generally intended to identify forward-looking statements. These statements are based on current expectations of UrWork company and currently available information. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict, and are based upon assumptions as to future events that may not prove to be accurate or may be under the control of unrelated third parties. UrWork does not assume any obligation to update any forward-looking statements contained in this press release.
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Visit http://www.urwork.cn to access more information about the facility, accelerator and mentor program from the company.
Founded in 2015 by real-estate veteran Dr. Mao Daqing, UrWork (Beijing) Venture Investment Co., Ltd is a leading co-working space provider in China offering long-term leasing, hot desk and corporate-customization solutions and professional services across a broad spectrum for small-to-medium enterprises. Backed by renowned investors such as Sequoia Capital, Zhen Fund, Noah Wealth Management, Sinovation Ventures, UrWork posts a valuation of US$ 1.3 billion after B-round as of June 2017, and has grown to cover over 78 locations in over 20 cities in China, Singapore and New York, servicing over 3000 enterprises, 40,000 members in total. UrWorks expands globally through partnership with accredited facility operators and franchisers and UrWork is the largest and most recognised co-working space brand in China. (www.urwork.cn)
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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.
Chinese private equity firm Hony Capital and Japan’s SoftBank Group Corp. have agreed to inject US$500 million into an investment vehicle to operate WeWork Cos.’s China unit and fuel the American co-working giant’s expansion throughout China.
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.
Financing of Chinese co-working space industry continues to accelerate as leading players battle for market share.
CT Weekly is a newsletter summarizing major recent developments in China’s tech sector published by China Tech Insights, an industry research project established by Tencent Online Media Group. China Money Network is re-publishing the newsletter under an agreement with China Tech Insights. Baidu’s newest gadget translates speech in near real-time Baidu, China’s biggest search engine, has unveiled a translation device on Sept.19. The portable gadget, which weighs as much as a smartphone, was revealed Tuesday at the 16th Machine Translation …
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.
Kr Space, a Chinese co-working space spinoff from technology, media and entrepreneurial services company 36Kr, has completed a new financing round of RMB600 million (US$92 million).
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.
Chinese online apartment rental platform Danke Apartment has raise US$100 million in a B round led by CMC Capital and Banyan Capital, with proceeds used to fund the company’s expansion.
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.
Chinese co-working space Mydream+ has completed a RMB300 million (US$48 million) series B funding round led by Ocean Link, participated in by the existing investor Joy Capital and M31 Management Fund, a unit of Giant Group.
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.