5Lmeet, a China-based space-sharing startup, has raised RMB100m ($14.5m) from a consortium including Singapore’s sovereign wealth fund GIC and Kaifeng Culture Tourism Investment Group, a Chinese local government industry fund, according to South China Morning Post.
5Lmeet was co-founded by former real estate company China Vanke vice-chairman Mao Daqing and VC firms Sequoia Capital China, Zhen Fund, China Equity and Gopher Asset in December 2015.
The company operates spaces across China that enable users to work, live, study, eat and play together.
In October 2016, 5Lmeet raised a $60m series A round co-led by electricity company Jinyun Electrical and investment firm Junzi Capital.
Sun Jianjun, a managing director and GIC’s China real estate business head, said the fund was “upbeat” on China’s urban renewal, co-work space and real estate sector innovation.
He added: “In mega cities like Beijing and Shanghai, innovative urban space like 5Lmeet that integrate office, living, leisure and social interaction, have long-term growth potential.”
Mao also runs another co-working space startup, UrWork, which was valued at $1bn after a funding round in January. In early December, that company signed an agreement with International Enterprise Singapore and Singapore’s largest real estate developer, CapitaLand, to help small Chinese and Singaporean firms enter the global market.
– This article first appeared on our sister site Global Government Venturing.