China's largest co-working space provider UrWork (Beijing) Venture Investment Co. Ltd announced today that it has received C round funding with an equivalent value of $45 M, prompting its market valuation to $1.3 billion.
BEIJING, Dec. 22, 2017 /PRNewswire/ -- China's largest co-working space unicorn UrWork (Beijing) Venture Investment Co., Ltd has raised RMB 300 Mln ($45 Mln) in a series C funding round led by Qianhai Wutong Mergers and Acquisitions Funds, an M&A fund led by regional equity exchange Qianhai Equity Exchange. The new financing round, on the heel of its pre-Series C round in August, values the startup at RMB 9 Mln ($1.3 Bln). CK Home -- Key Investment Group and venture capital firm Context Lab also took part in the round.
"The C round funding cements UrWork (Beijing) Venture Investment Co., Ltd 's position as the leading co-working space provider in Asia," said UrWork (Beijing) Venture Investment Co., Ltd's founder and CEO Dr. Mao Daqing, a real estate veteran with over 23 years of experiences under his belt, including in executive roles at CapitaLand and Vanke China. He commented that the investment will be deployed to drive further global expansion, community service and technology upgrading. "It will help further strengthen our core verticals and will see a series of facility and service upgrading at UrWork (Beijing) Venture Investment Co., Ltd that sets us apart from other contenders," Mao said.
"Dr. Mao Daqing has demonstrated entrepreneurial vision and strong leadership that are unrivalled by few in the co-working industry in Asia," said Mr. Xie Wendi, Founder and CEO of Qianhai Wutong Mergers and Acquisitions Funds, a leading private equity (PE) firm in China known for its innovative "PE x IPO" model. "UrWork (Beijing) Venture Investment Co., Ltd plays an important part in China's economic upgrading, as the model enterprise in China's sharing economy. Through the win-win partnership, we aim to revitalise more under-utilised urban infrastructure and promote industrial upgrading in China."
Upgrading facilities second-tier cities in China
"The rising concept of co-working addresses the more mobile working style that modern urban professionals have today, where an increasing number of young people work on the go, resulting in an under-utilisation of stock assets. By revitalising the spaces with craft architecture, designer interior and connected technology, we recapture the latent stock spaces, creating more added values," said Mao, who is also the founder and CEO of 5LMeet, China's first co-living concept company, launched recently in partnership with Traders Hotel in Beijing CBD.
Backed by a line-up of strong shareholders, CK Home -- Key Investment Group (Key Investment) focuses on urban development, complemented by diversified range of business areas such as city research, finance, industrial development and service. The company leverages its strong relationship with the government to promote China's urban and rural development.
"We are delighted to join force with a company that reflects our values and complement our strengths. Key Investment has been focusing on urban space development and utilisation, which coincides perfectly with UrWork (Beijing) Venture Investment Co., Ltd's business model," said Mr. Xiao Zhonghou, Chairman of CK Home -- Key Investment Group. He adds that UrWork (Beijing) Venture Investment Co., Ltd's strengths in building contexts and contents, effective revitalisation of underutilised spaces, promising outlook of co-working industry, and strong management team are core factors that influenced the deal. Ensuing the funding round, UrWork (Beijing) Venture Investment Co., Ltd and Key Investment will collaborate on interior design, renovation projects.
With a 36% year-to-year growth rate, China's sharing economy volume is likely to crown the world within the next three to five years. As the first unicorn in the coworking space sector in China, UrWork (Beijing) Venture Investment Co., Ltd has established 100 locations in over 30 cities in the world. Moving forward, UrWork (Beijing) Venture Investment Co., Ltd will penetrate into second-tier cities with more innovative operational model and space utilisation solutions.
Harnessing the power of contexts and contents
"UrWork (Beijing) Venture Investment Co., Ltd not only disrupts traditional office spaces, but also accelerates the emergence of new species in the internet era. UrWork (Beijing) Venture Investment Co., Ltd's unique advantage is its evolutionary and upgrading capability which is a rarity in today's society. Through embedding IP in the physical space, and optimisation of eco system, the commercial competitiveness of UrWork (Beijing) Venture Investment Co., Ltd will be more palpable," said Mr Wu Sheng, Founder and CEO of Context Lab.
Founded in 2016 Context Lab pivots around the concept of "context, super IP, new species" and provides one-stop services including business model design, IP creation to discover and grow new business models cantered around internet.
"UrWork (Beijing) Venture Investment Co., Ltd is actively pushing the boundary and upgrading its product line to better reflect the economic upgrading of China, and to better connect the modern urban co-workers with smart office solutions that technological advancement brings," said Mr. Mao Daqing.
About UrWork (Beijing) Venture Investment Co., Ltd:
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 Beijing posts a valuation of U.S. $1.3 billion after C round as of December 2017, and has grown to cover over 100 locations in over 30 cities in the world, Singapore, New York, Los Angeles San Francisco and London, servicing over 3,000 enterprises, 40,000 individual members in total. UrWork (Beijing) Venture Investment Co., Ltd is the largest and most recognised co-working space brand in China.
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UrWork Beijing Venture Investment Co., Ltd PR Support
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