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China co-working space start-up gets $92m

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Kr Space, a China-based co-working space operator, has received RMB600 million ($92 million) in a pre-Series B round of funding from its existing investors.

Participants include China Minsheng Investment Group (CMIG), IDG Capital, Prometheus Capital, US-based Colony Capital, Unity VC, and Gobi Partners, according to a statement. Two individual investors also made contributions.

Kr Space spun off Chinese media company 36Kr in late 2015. It subsequently raised a Series A round from Gobi, Unity VC, and Colony. This was followed in 2016 by a RMB200 million extended Series A round from IDG and Prometheus. Over the past six months, the company raised additional capital amounting to hundreds of millions of renminbi from CMIG and IDG.

Kr Space now has 30 sites in nine Chinese cities including Beijing, Shanghai, and Hangzhou. In addition to working space, it provides legal and accounting, logistics, marketing, and cloud computing services to clients. 

The company competes with US-based counterpart WeWork, which raised $500 million in July last year from SoftBank and Hony Capital to create a dedicated Chinese entity. Homegrown player UrWork is another rival. It has also raised substantial sums PE and strategic investors. 

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