In brief: Ucommune raises $44m to keep up the fight with WeWork

Photo credit: Ucommune

Ucommune nets US$43.5 million from strategic investment deal (China). The co-working space operator – formerly known as UrWork – secured the funds from real estate developer RK Properties and previous backer Jinrong Holdings. As part of the deal, Ucommune will work with RK Properties to upgrade and maintain the latter’s portfolio and create community spaces.

This latest capital injection comes two months after Ucommune’s undisclosed series C+ raise two months ago – which was said to value to company at US$1.8 billion – and a US$45 million round last December. Key US-based rival WeWork secured US$500 million funding for its China unit last month from investors including SoftBank and Temasek. (China Money Network)

Other news

Ola backs dockless scooter-sharing startup Vogo (India). The ride-hailing firm led the series A round, Matrix Partners, Stellaris Venture Partners, and Hero MotoCorp chairman Pawan Munjal among the other investors to take part. The funding amount was not disclosed, though reports earlier this year suggested that Vogo was seeking between up to US$7 million. (Vogo)

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