China-based co-working space provider URWork closed a $178m pre-series C round yesterday co-led by diversified conglomerate Aikang Group, real estate developer Beijing Land Capital and media company Star Group.
Investment firm Prosperity Holdings also co-led the round, which achieved an initial $29.4m close last month, with that funding provided by Aikang.
Founded in 2015, URWork operates 88 co-working spaces across 22 cities across China, Taiwan, London and New York City. The pre-series C funding was raised on the heels of its expansion into Singapore.
Beijing Capital Land will support URWork with stock asset revitalisation and resource sharing, and will also help the company upgrade its technology.
Prosperity will assist URWork with an expansion into the US and help with developing additional service products. URWork already provides financial services, human resources and healthcare services to startups using its offices.
The company has now raised more than $408m altogether, including $58.5m from conglomerate Beijing Xingpai Group in May 2017, the month after it agreed a merger with co-working space operator and incubator New Space.
Property developers Junfa Group and Dahong Group participated in a $58.5m round for URWork in January 2017 alongside Tianhong Asset Management, a fund management affiliate of financial services provider Ant Financial, Tianming Shuangchuang Technology and Shanghai Chuanghehui Fund.