Ucommune, a coworking unicorn, raises $29M in funding

Ucommune, a coworking unicorn based out of Hong Kong, is leaving its competitors in the dust, having raised RMB 200 million (approximately $29.8 million) in funding. The round was backed by Beijing Xingpai Group's real estate affiliate, according to mainland investment data provider, Tianyancha.

Ucommune, which is led by former China Vanke executive Mao Daqing, has yet to make a formal announcement regarding the latest round of funding, the Beijing-based company had said that it was valued at $3 billion in its previous funding round in November last year.

News of the fresh backing for Ucommune, which at 200 locations is said to be China’s largest home-grown shared office provider comes less than one week after news surfaced that another Beijing-based co-working contender, Kr Space, had surrendered an $840,000 per month lease in Hong Kong. Market studies published in recent months have shown quickening consolidation in China’s shared office sector.

Return Investor Comes Up with Fresh Cash

According to local media accounts, Ucommune will use the capital injection, which was made through Beijing Xingpai’s Longxi Properties division, to finance construction of new co-working locations.

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