UrWork (Beijing) Venture Investment Ltd (UrWork), a Bejing, China-based co-working space provider, raised in US$178M pre-C funding round.
The round was led by Beijing Capital Land (“BCL”, Stock Code: HK2868), Star Group, Beijing Aikang Group and Prosperity Holdings. Backed by investors such as Sequoia Capital, Zhen Fund, Noah Wealth Management, Sinovation Ventures, the company has a post-C round valuation of US$ 1.5 billion.
The company intends to use the funds for further global expansion and technology upgrading.
Led by founder and CEO Dr.Mao Daqing, UrWork is a co-working leader in China, providing startups, SMEs and corporate tenants with on-demand, short-term leasing and customized space solutions.
Aggregating over 1,000 professional business service suppliers across a broad spectrum, the company serves over 40,000 individual members and over 3,000 enterprises, counting Unicorns such as ofo bike, BlueGogo, Mobike, Amazon China, Jin Ri Tou Tiao, Netease, JD logistics as corporate members.
UrWork offers in-house Express Financing program and a series of acceleration programs to help startups scale and grow as well as the Link China Program that partners with Chinese government agencies and a broad range of service suppliers to help foreign startups ease market-entry in to China.
With 88 locations in over 22 cities as of Aug 2017, the company sets to open another 160 locations across 32 cities worldwide including in China, Singapore, New York, Los Angeles San Francisco and London over the next three years, covering a total area of over 7M sq.ft.