China’s first coworking unicorn Ucommune has raised $29.8 million in a funding round backed by Chinese industrial conglomerate Beijing Xingpai Group, which will be used towards building new locations.
The company is Asia’s largest coworking operator with over 200 locations across 37 cities worldwide and has plans to expand into 350 more cities in the next three years.
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Just last November, Ucommune raised $200 million in Series D round taking its valuation to $3 billion. Now, the coworking space is reportedly going for an IPO in the third quarter of this year.
According to Ucommune, almost 30% of office space in China will be some form of coworking spaces.
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