China-based co-working space supplier Ucommune raised $200m in series D funding on Tuesday, three months after landing $43.5m in financing led by industrial and real estate conglomerate Prosperity Holdings.
The series D round was led by investment firm All-Stars Investment and included investment banking firm CEC Capital. The company said the round values it at about $3bn, up from a $1.8bn valuation in August this year.
Founded in 2015, Ucommune runs a collection of co-working spaces spanning 200 locations in 37 cities including Singapore, New York, Beijing, Taipei, Hong Kong and Shanghai, supplying desks and full offices alongside professional services.
The series D proceeds will be used to expand globally, enhance Ucommune’s research and development capabilities and bolster its internet-of-things smart office technology.
The latest round comes in the wake of $43.5m in funding from Prosperity Holdings and RK Properties, a real estate subsidiary of property and infrastructure developer Road King Infrastructure, in August.
Ucommune has now raised approximately $715m in total. It initially received funding from Gopher Asset Management, CIC Hanfor, Sequoia Capital and ZhenFund before adding $46m from property developer Yintai Land and Zhongrong International Trust in 2016.
Real estate developers Junfa Group and Dahong Group joined Tianhong Asset Management, an affiliate of financial services provider Ant Financial, as well as Tianming Shuangchuang Technology and Shanghai Chuanghehui Fund to invest $58.4m in the company in January 2017.
Conglomerate Beijing Xingpai Group supplied approximately $58m for Ucommune in May 2017, and the company raised $178m in a pre-series C round co-led by Prosperity Holdings, conglomerate Aikang Group, property developer Beijing Land Capital and media company Star Group four months later.
Ucommune subsequently received $46.5m from Qianhai Wutong Mergers and Acquisitions Funds, CKing Home-Key Investment Group and Context Lab in December, and another $17.3m from Wutong in February 2018.