Co-working space startup UrWork receives USD 45M for Series C
Founder: Mao Daqing
Founded in: 2015
Financing status: RMB 300 million (USD 45 million) for Series C financing in 2017
Co-working space startup, UrWork, received USD 45 million for Series C on December 22 to expand its business in smaller cities.
The rising concept of the co-working space is driving the mobile working style that modern urban professionals have today. There are more and more young people choosing to work in co-working spaces, resulting in the fierce battle between startups specializing in co-working spaces. By integrating working spaces with craft architecture, designer interiors and connected technology, co-working space startups are creating more added value to the industry. Today, China’s largest co-working space unicorn, UrWork, secured its latest financing round.
UrWork is a co-working space startup that offers one-stop co-working space service solutions for start-ups from large and small sizes to individuals. The startup not only disrupts the idea of traditional office spaces, but has also accelerated the emergence of new species in the internet era, by embedding IP in the physical space, and optimizing the ecosystem.
UrWork mainly establishes its economical working spaces in the centers of cities for the purpose of soliciting investments. Meanwhile, it provides customers with integrated multi-functional services and modern office facilities. It is not only a co-working space, but combines its shared working space services with human resources, business advice, media transmission, medical, sports, travel, financial services, and so on.
Founded in 2015 in Beijing, URWork’s service has grown to more than 100 locations in over 30 cities around the world, including Singapore, New York, Los Angeles, San Francisco, and London, servicing over 3,000 enterprises and 40,000 individual members in total.
This new financing round was led by Qianhai Wutong Mergers and Acquisition Funds, an M&A fund backed by regional equity exchange Qianhai Equity Exchange, with CKing Home-Key Investment Group and venture capital firm Context Lab participating in this round. Four months ago, in August, UrWork just completed a RMB 1.2 billion (USD 179 million) pre-Series C round from a group of Chinese investors, including property developer Beijing Capital Land Ltd., Beijing Xingpai Group, Beijing Aikang Group, and others. The capital will be used to drive further expansion, especially in smaller cities in China, as well as improve its community service and strengthen its technology.
(Top photo from 699pic.com)