One of China’s largest co-working space operators, UrWork has raised $45 million in Series C funding round. The financing round was led by Qianhai Wutong Mergers and Acquisition Funds, and M&A fund that is backed by regional equity exchange Qianhai Equity Exchange.
CKing Home-Key Investment Group and venture capital firm Context Lab took part in the round as well.
UrWork, based in Beijing, had raised in a pre-Series C financing round, $179 million from a group of investors including Beijing Capital Lance Ltd., Beijing Aikang Group, Beijing Xingpai Group, and the investment firm Jingrong Holdings earlier this year.
Since it’s beginnings in April of 2015, UrWork operates 78 co-working spaces in 20 major cities across China, as well as in Taiwan, Singapore, Hong Kong, New York, and London. Within the next three years, UrWork plans to establish more co-working locations – some 160 – in 32 cities globally. This will service over 8,000 companies with a total of 700,000 square meters of office space.
UrWork has been busy fundraising this entire year. Back in May, $58 million was raised led by Chinese conglomerate Beijing Xingpai Group. Separately, the firm raised $29 million from Beijing Aikang Group in July. Both were considered as part of the pre-Series C funding round. At the beginning of the year, the firm received funding from Ant Financial-affiliate Tianhong Asset Management.
Before this, the startup raised $45 million in pre-Series B round from Chinese commercial property developer Yintai Land and Zhongrong International Trust Co., Ltd., and $30 million Series A+ from undisclosed investors last year.
Investors haven’t just been favoring co-working office space operates in China, but all over Asia.
Recently, an affiliate of East Ventures EV Hive merged with Clapham Collective, an Indonesian-based co-working space. A hospitality branch of co-working spaces in China, naked Hub, or naked Group, along with Singapore’s JustCo announced their merger as well. More recently than that, UrWork announced its own plans to merge with their own rival, New Space.
Last month, EV Hive – an affiliate of East Ventures – merged with Clapham Collective, a co-working space based in Medan, North Sumatra, Indonesia. In July this year, naked Hub, the co-working arm of China’s hospitality brand naked Group, and Singapore’s JustCo announced their merger. In April, China’s co-working unicorn UrWork announced its plans to merge with rival New Space.