China-based co-working space provider Ucommune has secured more than RMB200m ($29.8m) in funding from an unnamed real estate affiliate of industrial conglomerate Beijing Xingpai Group, China Money Network has reported.
Founded in 2015 as URWork, Ucommune operates more than 200 co-working spaces in cities across China as well as Taiwan, the US and Singapore. Between them, the locations have attracted more than 120,000 members to date.
The service offers hot desks and team tables in addition to entire customised private offices and headquarters that can occupy potentially an entire floor.
The funding will allow Ucommune to improve its platform, support the construction of additional spaces and promote the co-working sector’s development in China.
Ucommune has raised approximately $745m to date, and in February this year reportedly hired investment banks Citigroup and JPMorgan Chase as underwriters for an initial public offering.
The latest round follows $200m in series D funding secured by the company in a November 2018 round led by investment firm All-Stars Investment and also featured investment bank CEC Capital, at a $3bn valuation.
Industrial and real estate group Prosperity Holdings had led a $43.5m round for Ucommune in August the same year, with the rumoured participation of RK Properties, a property development branch of infrastructure developer Road King Infrastructure.
Xingpai supplied $58m of funding for the company in May 2017, before returning for a $178m pre-series C round co-led by Prosperity, conglomerate Aikang Group, property developer Beijing Land Capital and media firm Star Group four months later.
Property developers Junfa Group and Dahong Group had joined Tianhong Asset Management, an affiliate of financial services provider Ant Financial, as well as Shanghai Chuanghehui Fund and Tianming Shuangchuang Technology for a $58.4m round in early 2017.
Ucommune’s shareholders additionally include property group Yintai Land, which contributed to a $46m round in 2016 alongside investment firm Zhongrong International Trust, Gopher Asset Management, CIC Hanfor, Sequoia Capital and ZhenFund.
Qianhai Wutong Mergers and Acquisitions Funds, CKing Home-Key Investment Group and Context Lab are also among the company’s investors.
