Singapore Markets open in 1 hr 46 mins

UrWork rebrands as Ucommune, raises $61 mil in Series-C funding

angela.teo@bizedge.com

On Dec 28, 2017, Chinese co-working space operator UrWork (Beijing) Venture Investment Co. announced that it was rebranding itself as Ucommune with effect from Jan 1.

Ucommune also launched five product lines catering to different segments of the co-working market, such as MNCs, established tech companies and SMEs.

Ucommune also announced that it has raised RMB300 million ($61 million) from its Series-C funding in August 2017. Among the investors were Chinese private equity firm Qianhai Wutong Mergers and Acquisitions Funds, CK Home – Key Investment Group, a company that promotes urban and rural development in China, as well as venture capital firm Context Lab.

 

Ucommune founder Mao Daqing

Ucommune founder Mao Daqing (Credit: Ucommune)

 

According to Ucommune, the round of financing brings its market valuation to RMB9 billion ($1.8 billion).

Ucommune announced in a separate release on Jan 5 that it will launch its first co-working location in Taiwan at Taipei’s Xinyi District. Ucommune is opening the location in partnership with Hao Kang Bao She Community Cooperation, which it says is the largest WeChat charity group in Taiwan.

The Taipei location, which is slated to open in April, will have 2,000 sq m of space and 200 work stations. According to Mao Daqing, founder of Ucommune, the co-working operator intends to open another 20 locations in major Taiwanese cities over the next two years.

Meanwhile, Ucommune will also open its first Hong Kong location at the 30-storey Grand Millennium Plaza in Sheung Wan, Hong Kong. The location will have 1,400 sq m of space and 200 work stations. It is slated to open around mid- to end-February.

Related Articles From EdgeProp.sg
WeWork expands in Singapore and Southeast Asia
MapletreeLog acquiring remaining 38% of HK warehouse in Shatin for $104 mil
Fortune REIT sells stake in Hong Kong mall
WeWork and UrWork settle trademark dispute