Real estate developer Hongfu Group has led an $18m series A round for China-based co-working space provider and incubator Bigger, China Money Network reported yesterday.
Incubator First Care also contributed to the round, which comes after Bigger raised $5m in pre-series A funding from venture capital firm Green Pine Capital Partners and Chenhai Fund in July 2016.
Formed by Hong Kong-based real estate developer Modern Land, Bigger is developing a network of co-working spaces that will also function as startup incubators for entrepreneurs.
China’s co-working sector is extremely busy right now, with US-based WeWork duking it out with domestic operators like UrWork, but Bigger is focused on creating a green ecosystem where all its buildings and offices are environmentally friendly.
In addition to investing, Hongfu and First Care will help the company grow its office network and provide ancillary services covering areas such as dining, entertainment and lifestyle.