GA, Hillhouse lead $120m Series C for Chinese co-working space

Existing investors including Joy Capital, Ocean Link – a travel and tourism-focused PE firm – China Renaissance K2 Ventures, and M31 Capital, an investment unit of Giant Group, also participated in the funding round, according to a statement. The company will use the new capital to consolidate its position and to support its expansion plans.

MyDreamPlus operates nearly 40 office properties in Beijing, Chengdu, Shanghai, Hangzhou, and Xi'an, with a total of around 300,000 square meters of floor space. It has accelerated its growth in 2018, particularly in Beijing and Chengdu, where it has opened a new space almost every week since June. It now claims to be the largest co-working space in both cities.

The company operates on an "office-as-a-service" (OaaS) basis, integrating space design, smart office management, and community operation. Its customers range from start-ups and freelancers to large corporations.

"MyDreamPlus has a unique service-oriented offering which has been developed through the combined use of data-driven intelligence and design," said Eric Zhang, managing director and head of China at GA. "With technology increasingly becoming a key differentiator in the workspace of the future, we believe there is a significant opportunity for MyDreamPlus to continue to grow in the domestic co-working space and workspace market."

Co-working spaces are proliferating in Asia as companies opt for more flexible real estate arrangements. Operators like MyDreamPlus face increasing competition not just from domestic competitors like China's UrWork, but also from global giant WeWork, which recently raised $500 million from investors including Trustbridge Partners, Temasek Holdings, and SoftBank Group to fuel the expansion of its China unit.

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• Topics
• Greater China
• Technology
• Real estate
• Expansion
• China
• General Atlantic
• Hillhouse Capital Management
• Joy Capital
• Ocean Link
• TMT