China co-working space operator UrWork raises $46m

The round, which values UrWork at a reported RMB4.5 billion, comes three months after the start-up raised RMB200 million in an extended Series A round led by a group of domestic investors.

The office-sharing business was founded in 2015 by Maqing Mao, formerly an executive at property developer China Vanke. In its debut year, the company opened seven co-working centers in four Chinese cities, providing a total of 3,000 seats and 200,000 square meters office space for entrepreneurs. It plans to open 29 more centers in the next few years. 

In addition to working space, it company offers legal, accounting, marketing and cloud computing services to its members, as well as investor introductions.

AVCJ Research's records show UrWork secured an angel round from ZhenFund, Innovation Works and Sequoia Capital. In September 2015, it raised RMB200 million in a Series A round co-led by Nuoyuan and Gopher Asset Management. Banyan Capital and existing investors Sequoia and ZhenFund also took part.

In addition to the capital injection, Yintai and Zhongrong will use some of their existing resources to support UrWork's growth, Mao told local media. 

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• Topics
• Greater China
• Real estate
• Early-stage
• Venture
• China
• Banyan Capital
• Sequoia Capital
• ZhenFund