China-based sharing space operator 5Lmeet has raised RMB400m ($60m) in a series A round co-led by electricity company Jinyun Electrical and investment firm Junzi Capital, China Money Network reported today.
Banyan Capital and other undisclosed investors also participated in the round, which valued 5Lmeet at approximately $446m.
5Lmeet aims to operate sharing spaces across cities in China that allow users to work, live, study, eat and play together. The company was co-founded by Seqouia Capital China, Zhen Fund, China Equity and Mao Daqing, co-founder of co-working space provider UrWork.
5Lmeet will use the cash infusion to rent three spaces in Beijing, for which it has already signed contracts. The first space is expected to open later in October.
The company previously received an angel investment of undisclosed from Sequoia Capital China and Zhen Fund at the beginning of 2016.