Kr Space, the co-working space provider established by China-based technology, media and entrepreneurial services provider 36Kr, raised RMB1bn ($145m) today.
The round was co-led by venture capital group IDG Capital, asset management firm Gopher Asset and private equity firm Yixing Capital.
Kr Space was spun out of 36Kr in 2016 and operates co-working spaces in 12 Chinese cities: Beijing, Shanghai, Hong Kong, Guangzhou, Hangzhou, Nanjing, Wuhan, Tianjin, Suzhou, Chengdu, Xiamen and Hefei.
The company retains its focus on China but aims to expand throughout the Asia Pacific region, and to attract 220,000 clients this year. The funding will enable it to extend its offering to become a more fully fledged enterprise-focused office service provider.
Kr Space received dozens of millions of dollars in a series B-plus round backed by Gopher Asset in March 2019, having raised $300m in series B funding from Gopher and Funcity Capital in June 2018, according to China Money Network.
In February 2018, the company received $94.7m in pre-series B funding from investors that reportedly included IDG Capital, Gobi Partners, Unity Ventures and Prometheus Capital.
IDG Capital had reportedly supplied $15m of funding for Kr Space in 2017, though it was unclear whether that commitment formed part of the pre-series B round.
Apart from IDG Capital and Prometheus Capital, Kr Space’s earlier backers include China Minsheng, Colony New Yangtze Fund, Unity Ventures, Gobi Partners and a private investor identified only as Fenglun.
