Ucommune, the China-based co-working space provider backed by corporates Aikang Group, Beijing Xingpai, Beijing Land Capital and Star Group, has secured RMB110m ($17.3m) from Qianhai Wutong Mergers and Acquisitions Funds, Technode reported yesterday.
Founded in 2015 and formerly known as URWork, Ucommune runs a network of about 100 spaces spanning 33 cities in China and internationally. It has also launched a business-focused social network and a platform that connects students to entrepreneurs.
Ucommune has now raised approximately $471m in funding in total and the latest round is expected to value it at more than $1.4bn according to Technode. It rebranded in late 2017 to reflect its growing focus on networking, and to avoid legal issues with US-based WeWork.
Qianhai Wutong Mergers and Acquisitions Funds, which is backed by equities trading platform Qianhai Equity Exchange, led a $45.6m series C round for the company in December 2017 that included CKing Home-Key Investment Group and Context Lab.
Property developers Beijing Land Capital and Star Group had joined conglomerates Aikang Group and Beijing Xingpai, as well as Prosperity Holdings and Jingrong Holdings, to invest $178m in Ucommune three months earlier.
Beijing Xingpai Group had already invested $58.5m in the company in May 2017, four months after it raised $58.5m from property developers Junfa Group and Dahong Group, Tianming Shuangchuang Technology, Shanghai Chuanghehui Fund and Tianhong Asset Management.