China-based working space provider UrWork has secured RMB400m ($58.4m) in funding from investors including property developers Junfa Group and Dahong Group, China Money Network reported yesterday.
The round also featured Tianhong Asset Management, a fund management affiliate of financial services provider Ant Financial, as well as Tianming Shuangchuang Technology and Shanghai Chuanghehui Fund. It was closed at a $1bn valuation, according to Technode.
Founded in 2015, UrWork operates a network of shared working spaces across 10 Chinese cities that spans more than 16,500 desks. It also runs an ecosystem that supplies a range of startup services covering areas such as marketing, accounting and human resources.
The new capital will go to expanding UrWork’s spaces, both in China and internationally, as well as enhancing its supporting services and introducing mobile devices and smart hardware for its members.
The company has now raised a total of about $175m over six rounds, having closed a $46m pre-series B round in June 2016 backed by real estate developer Yintai Land and Zhongrong International Trust.
Other past investors include Gopher Asset Management, CIC Hanfor, Sequoia Capital and ZhenFund.