Chinese VC-backed co-working space Bigger raises $18m

First Care, an incubator program also backed by Modern Land, re-upped in this round. The latest funding will be used to scale up Bigger's business and diversify its service offering to include dining, entertainment, and lifestyle, in addition to office facilities. Hongfu, which is based in Xi’an, will help Bigger expand into Shaanxi province by leveraging its local resources.

Modern Land launched Bigger in December 2015. Located in an art district, it differentiates itself from other co-working spaces by providing a green and healthy working environment. It also incubates start-ups, offering entrepreneurs legal, accounting, and marketing services, as well as mentoring and financing.

Last year, the company raised $5 million in a pre-A Series A round from Chenhai Capital and Shenzhen Green Pine Capital, according to AVCJ Research.

Co-working spaces are proliferating in Asia as companies – from multinationals to start-ups – opt for more flexible real estate arrangements. In China, it is estimated that more than 1,000 spaces are in operation in Beijing and Shanghai alone. Companies like UrWork, WeWork and 5Lmeet have previously received significant funding from private equity and strategic investors.

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• Topics
• Greater China
• Real estate
• Support services
• China
• TMT
• Growth capital