Kr Space Receives $145 Million In Recent Funding Round
WeWork’s biggest rival in China, Kr Space, has just announced it raised $145 million in a new funding round led by IDG Capital and new backers Gopher Asset Management and Yixing Capital.
The proceeds from the funding round will go towards its new business strategy to become “a full life-cycle enterprise office service provider” where it will provide integrated office services and asset management services.
Last May, Bloomberg reported that the company had plans to raise $200 million in a funding round that would go towards expansion.
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Currently, the company operates 40 coworking and hopes to expand across China as well as other cities in Asia-Pacific.
The China Real Estate Chamber of Commerce said that coworking spaces in China’s four first-tier cities has grown by 60% between the end of 2017 and last October, but 40% of overall spaces were half empty by the same time.
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