URWork, a China-based co-working space provider backed by a range of Chinese corporates, has closed a RMB300m ($45.6m) series C round at a RMB9bn ($1.36bn) valuation, China Money Network reported today.
The series C funding was provided by investment firm Qianhai Wutong Mergers and Acquisitions Funds, CKing Home-Key Investment Group and venture capital firm Context Lab.
URWork was founded in 2015 and operates 88 co-working spaces in 22 cities across China, Taiwan, Singapore, the UK and the US.
The company plans to establish 160 co-working locations in 32 cities in the next three years with a total office space of 700,000 square meters, servicing more than 8,000 businesses. The round took URWork’s overall funding to approximately $454m.
The company secured $178m in a pre-series C round in September 2017 backed by conglomerates Aikang Group and Beijing Xingpai, real estate developer Beijing Land Capital, media company Star Group, investment firm Prosperity Holdings and Jingrong Holdings.
Beijing Xingpai Group had provided $58.5m for URWork in May 2017, the month after the company agreed a merger with New Space, a co-working space operator and incubator.
Property developers Junfa Group and Dahong Group contributed to a $58.4m round for URWork in January 2017 alongside Tianming Shuangchuang Technology, Shanghai Chuanghehui Fund and Tianhong Asset Management, an affiliate of financial services provider Ant Financial.