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Influx Of Investment Continues To Boost Coworking In China

Cecilia Amador de San JosébyCecilia Amador de San José
May 25, 2017
in Business
Reading Time: 1 min read
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UrWork investment coworking china

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Just a month ago, Chinese coworking operators UrWork and New Spaces announced they were merging.

In January this year, UrWork raised to unicorn status after closing a funding round with RMB 400 million (approximately US$ 58 million). After securing the merger with New Spaces, the market valuation of the merged entity will hit RMB 9 billion (US$ 1.31 billion).

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And recent events point to the fact that their valuation is likely to continue rising. China Money Network reported today that:

“Beijing Xingpai Group, a Chinese conglomerate engaged in the sports, real estate and investment business, has led a RMB 800 million (US$ 116) investment round in coworking space start-up UrWork and 5Lmeet, both founded by Mao Daqing, a former real estate executive at China Vanke Co., Ltd.”

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Coworking spaces in China have seen an increased influx of investment over the last 12 months. In October, 2016 5Lmeet raised over RMB 400 million (US$ 60 million). In June, 2016 UrWork raised RMB 300 million (US$ 46 million), and about three months before that (March/April 2016) they raised RMB 200 million (US$ 31 million).

The Chinese coworking market has been growing significantly since late 2015, and it’s proving to be a strong, successful, and competitive market for flexible workspace operators.

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Cecilia Amador de San José

Cecilia Amador de San José

Cecilia is an experienced writer and editor with a background in strategic communications. She has written articles for Allwork.Space on several topics, including the future of work, flexible workspaces, employee wellness., and more.

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