IDG Capital Partners, the Chinese venture capital affiliate of media firm International Data Group, has co-invested RMB200m ($30m) in China-based co-working space provider Kr Space, China Money Network reported yesterday.
IDG Capital provided the funding in partnership with boutique investment bank Prometheus Capital. It comes in the wake of an undisclosed amount of series A funding from investors including VC firm Gobi Partners in January this year.
Spun out by technology media company 36Kr in January, Kr Space operates 28 co-working spaces across 10 Chinese cities.
The funding will help Kr Space grow its business by securing more property. It intends to open an additional 60 spaces next year and aims to eventually run around 1,000 such sites across 100 cities by the end of 2021.
Kr Space’s funding comes less than a month after US-based rival WeWork received backing from China-based investors to increase its series F round to $690m. China-based competitors Fountown and Nash Work have also closed $30m rounds this year.