Two China-based workspace providers, URWork and 5Lmeet, have raised a combined RMB800m ($117m) from conglomerate Beijing Xingpai Group, according to China Money Network.
Both companies were founded by Mao Daqing, former vice-chairman at real estate developer China Vanke, and will each receive RMB400m. URWork’s funding was disclosed last week.
URWork intends to spread to 150 locations in 35 cities over the next three years, providing desks to as many 10,000 companies.
The latest round brings the total funding raised by URWork to approximately $233m, the company having having closed a $58m round in January 2017 that featured property firms Junfa Group and Dahong Group.
5Lmeet claims to reach beyond co-working into broader lifestyle amenities, such as shared bookstores, restaurants, gyms and event spaces. The company closed a $14.5m round in March, which followed a $60m series A round in October 2016.