China-based co-working space operator Beeplus has secured more than RMB100m ($14.5m) in a series B round featuring construction and engineering firm Zhuhai Da Heng Qin.
Beeplus said on its WeChat account it raised an undisclosed amount in the round’s second and third tranches, both of which were backed by private equity firm Ocean Link along with the corporate.
Venture capital fund Faxian Venture Capital participated in the round’s initial tranche, which the company said closed in early 2018, increasing its valuation to almost $44m in the process.
Founded in 2015, Beeplus operates a network of 200 co-working spaces across 37 cities worldwide. It offers individual desks in shared spaces in addition to private offices for larger companies.
The company said it plans to use capital from the round to expand its business across the Greater Bay Area around Hong Kong and Macau, as well the cities of Beijing and Shanghai.
Beeplus previously raised tens of millions of renminbi in a 2017 series A round, adding to a seven-figure renminbi amount the company collected in a 2016 angel round, according to China Money Network.