China co-working space operator raises $31m

A group of domestic investors, including Nuoyuan Capital, Yung Part Capital, participated in the round, according to a statement.

UrWork was founded in April of last year by Maqing Mao, former executive at property developer China Vanke. Last year, the company opened seven co-working centers in four Chinese cities, providing a total of 200,000 square meters office space for entrepreneurs with 3,000 seats. It also offers legal and accounting services, marketing, cloud computing and investor introductions to its members.

AVCJ Research's records show that UrWork secured an angel round from ZhenFund, Innovation Works and Sequoia Capital earlier last year. In September, 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.

Following the new investment, UrWork plans to expand the numbers of co-working offices to 35 across 10 Chinese cities by the end of this year, with 120,000 sqm of office space with 25,000 desks.

Last week, Legend Holdings and Hony Capital led a Series F round worth $430 million round for WeWork, a US provider of collaborative workspaces for entrepreneurs and small businesses. The fresh funding will be used for Asian expansion.

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• Topics
• Greater China
• Venture
• Real estate
• Expansion
• China
• Venture
• Real estate
• Banyan Capital
• Growth capital