AAA Kr Space attracts new funding

Kr Space attracts new funding

Kr Space, a co-working space spinout from technology, media and entrepreneurial services provider 36Kr, has closed a RMB600m ($92.3m) funding round, China Money Network reported today.

The round included IDG Capital, Gobi Partners, Unity Ventures, China Minsheng Investment Management, Prometheus Capital and Colony New Yangtze Fund, whose founding partner Allen Lau is also founder and CEO of co-working company We+.

Kr Space was spun out of 36Kr in early 2016 and currently operates a total of 30 co-working spaces across the Chinese cities of Beijing, Chengdu, Hangzhou, Nanjing, Shanghai, Suzhou, Tianjin and Wuhan.

The cash will allow Kr Space to open more offices in large cities across China. Competition in the space has been increasingly fierce – URWork closed a $45.6m series C round less than a month ago and US-based WeWork raised $500m last July to launch a Chinese subsidiary.

Kr Space had previously received $15m in equity funding from IDG Capital in September 2017, after China Minsheng Investment had supplied an undisclosed sum in July 2017 and Prometheus Capital and IDG Capital had injected $30m in 2016.

The company’s series A round featured Gobi Partners, Unity Ventures, Colony Capital New Yangtze Fund and other, unnamed institutional investors as well as private backers, though details of its size or the time it closed have not emerged.

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