One of Wework China’s rivals Ucommune, the company that was earlier called UrWork has secured $43.5 million in Series C funding round. This round was led by real estate-focused investment firms Prosperity Holdings and RK Properties.
According to the reports, the post-money valuation of the company has reached $1.8 billion. The total amount of funds raised by the company from various investors as of now totals to around $450 million.
“This new round of funding cements ucommune’s position as the absolute leading co-working space provider in Asia,” said Dr. Mao Daqing, ucommune founder and chairman. “Through this partnership with RK Properties and Prosperity Holdings, we seek to further upgrade our integrated coworking experience through tapping into the community synergy and the potential of commercial contexts.”
With this funding round, Ucommune claims that its partnership with Prosperity will help it expand its existence in Southeast Asia, where it currently has a presence in Singapore and an investment in Indonesia. With RK Properties, the company will upgrade its existing office spaces. Basically, the funds will be used in further global expansion and service upgrading.
The Beijing based company claims to operate and manage 160 locations across 35 cities. Most of its locations are in China but outside of Asia it is present in various countries like New York, London, Hong Kong and Taiwan.
“The concept of coworking has evolved tremendously over the last two years to one that compasses traditional rental, bespoke design, community networking and new retail. Ucommune has evolved from a single space provider to an integrated value-added experience where people from all backgrounds and walks of life can convene, connect and innovate together,” said Dr. Mao.
This news comes a few weeks after WeWork China raised $500 million. It seems that the fight is brewing up among the co-working sector. A day before, another Chinese co-working brand, My Dream also raised $120 million.
Founded in 2015, Ucommune has made four acquisitions this year, including Workingdom for around $45 million this summer.