China-based co-working space provider URWork has received RMB200m ($29.4m) through a strategic investment by diversified conglomerate Aikang Group, TechNode reported yesterday, citing Chinese media reports.
Founded in 2015, URWork operates a network of co-working spaces across 24 Chinese cities as well as in Singapore, Taiwan, London and New York City. The company was founded by Mao Daqing, a former vice-president of real estate group China Vanke.
URWork also offers value-added services such as financial services, human resources and healthcare, and the latter will be the focus of Aikang’s investment as the conglomerate already holds stakes in various healthcare businesses.
The round took URWork’s total funding to more than $260m. It raised $58.5m from conglomerate Beijing Xingpai Group in May 2017, a month after it agreed a merger with co-working space operator and incubator New Space.
Property developers Junfa Group and Dahong Group took part in a $58.5m round for the company in January 2017 alongside Tianhong Asset Management, a fund management affiliate of financial services provider Ant Financial, Tianming Shuangchuang Technology and Shanghai Chuanghehui Fund.