- Ucommune, formerly UrWork, has secured additional investment to power its flexible workspace growth across Asia.
- The Beijing-based workspace company is now valued at $1.4 billion.
- Ucommune is staking its claim to the Asian market just as New York-based rival, WeWork, is pushing further into China with 8 new locations.
The flexible workspace industry in Asia is developing at speed, especially where Chinese coworking operator Ucommune is concerned.
Just two months after the Beijing-based coworking company raised $45 million in C-round funding, Ucommune — formerly known as UrWork — has secured additional investment to the tune of $17.3 million from Qianhai Wutong Mergers & Acquisitions Funds (QHMA).
This latest funding lifts Ucommune’s valuation to $1.4 billion and paves the way for continued global expansion.
“The strategic investment from QHMA will help us build good momentum for further growth, service integration and global expansion,” confirmed Ucommune’s founder and CEO, Dr. Mao Daqing.
Founded in 2015 and already the largest coworking brand in China, Ucommune has its sights set on further expansion across multiple global cities.
Hot off the back of its acquisition of New Space in January 2018, Ucommune now operates 120 locations across 35 cities including Beijing, Shanghai, Singapore, New York, Los Angeles, San Francisco and London. Last month, the company announced its upcoming debut in Hong Kong, set for February 2018, along with its first location in Taipei in April 2018.
Ucommune also plans to launch up to 20 locations in Taiwanese cities over the next two years.
In addition to new locations, over the past few months the flexible workspace operator has launched its own Ucommune Academy and a new service-matching platform, You Xian Collection.
Against this frantic schedule of growth activity, it’s clear that Ucommune is staking its claim to the Asian market — just as New York-based rival, WeWork, is set to expand its global footprint to Hong Kong and push further into China with the launch of 8 new locations.
Furthermore, Cushman & Wakefield’s February 2018 coworking trends report, focusing specifically on the Asia Pacific region, states that “the battle for coworking dominance will get serious in 2018,” adding that mergers and acquisitions will pick up steam this year, powering the growth of already established operators.