China-based co-working space provider Mydream+ has closed a $48m round featuring M31 Management Fund, a subsidiary of game publisher Giant Interactive Group, China Money Network reported yesterday.
The round was led by travel and tourism-focused private equity firm Ocean Link and included Joy Capital, the venture capital firm that led Mydream+’s last round, a $20m series B in May 2017 that included credit assessment service provider Wecash and VC firm K2VC.
Mydream+ owns 20 co-working spaces spanning a total of 100,000 square metres across the Chinese cities of Beijing, Shanghai, Guangzhou and Chengdu. It claims an average occupancy of 85% for its workplaces and offers an app-based organisation system for its users.
The company’s main rivals are US-based WeWork, which raised $500m for a Chinese offshoot in July 2017, and China-based Ucommune, which was valued at more than $1bn as of last month.
Giant Group strategic investment manager Lin Tian said: “The co-working office market is huge in China, which has the world’s largest developers of residential and commercial real estate. China will have the opportunity to have a company that exceeds WeWork in the future.”
Joy Capital, K2VC and Will Hunting Capital had provided RMB5m in series A funding for Mydream+ in 2016, according to China Money Network. K2VC and Innoangel Fund had previously supplied $1m in seed capital the year before.