US-based co-working services provider MyDreamPlus raised $120m yesterday in a series C round backed by M31 Management Fund, an investment representative of game publisher Giant Network Group.
The round was co-led by investment management firm Hillhouse Capital and growth equity firm General Atlantic, and also featured Joy Capital, K2VC and Ocean Link, the joint venture formed by General Atlantic and online travel agency Ctrip.
Founded in 2015, MyDreamPlus operates approximately 40 co-working spaces across five Chinese cities: Beijing, Shanghai, Guangzhou, Chengdu and Xi’an.
The series C funding will drive further domestic growth for the company, which plans to upgrade its spaces and increase research and development activities.
MyDreamPlus closed a $48m series B-plus round in March this year that was led by Ocean Link, with participation from Giant’s M31 Management Fund and Joy Capital.
Joy Capital had previously led a $20m series B for the company in May 2017 that featured credit assessment services provider Wecash and K2VC.
K2VC, Joy Capital and Will Hunting Capital reportedly supplied $725,000 in series A capital for MyDreamPlus in 2016, adding to $1m in seed funding provided by K2VC and Innoangel Fund the year before.