Brief: URWork raises $58m to go beyond China, take on WeWork

Photo credit: Mindaugas Danys (CC BY 2.0)

The news:

• Chinese shared workspace operator URWork has raised about US$58 million in a funding round which closed yesterday, according to Bloomberg.
• The company raised a similar amount back in January, with investments from an affiliate of Ant Financial and several Chinese real estate and technology firms. Other reported backers include Sequoia Capital and Sinovation Ventures.

Why it matters:

• URWork is seen as one of the most formidable players in China’s growing co-working segment, and increasingly as a key rival to the United States’ US$18 billion-valued WeWork.
• Last month it was announced that URWork would merge with domestic competitor New Space, with the combined entity tentatively valued at US$1.31 billion.
• URWork has targeted expansion beyond its home market, with plans to operate 150 venues in 35 cities worldwide within the next three years. Earlier this month, Tech in Asia reported that URWork would be launching its first co-working space outside of China later this year, with URWork Singapore scheduled to open in July.

Source: Bloomberg