China-based co-working spaces operator Mixpace has raised RMB400m ($63m) in a series B1 round that included Zhongnan Capital, the investment arm of property and construction conglomerate Zhongnan, according to Yicai Global.
The round was led by an unnamed Chinese asset management company. Zhongnan Capital had previously backed a series A round, though no further details about Mixpace’s earlier funding could be ascertained.
Mixpace operates shared office spaces that are primarily aimed at small and medium-sized enterprises with a headcount of up to 50. The spaces include both members-only sections, such as dining areas and dormitories, and public areas, such as cafés and gyms.
Mixpace currently manages 13 spaces in Nanjiang, Shanghai and several other cities across China.
The money will go towards expansion efforts, with plans to open spaces in Beijing, Shenzhen and the Guangdong province, as well as product and system development.