Beijing-based co-working space company Ucommune has secured US$43.5 million in its latest fundraising round from real estate developer RK Properties and investment firm Jingrong Holdings at a valuation of US$1.8 billion, according to a company announcement on Tuesday.
Previously known as UrWork and changed its name under pressure from WeWork, Ucommune’s latest round brings the company’s total funds raised externally to at least US$342 million, not including its most recent Series C+ round of funding raised in June 2018, which remains undisclosed.
Founded in 2015, Ucommune currently operates 78 offices across 20 cities globally, including overseas markets like Singapore, New York, Los Angeles and London, hosting more than 3,000 enterprises and over 30,000 members according to its website. The firm is looking to double the number of offices opened by 2021, spreading its influence to 32 cities.
Ucommune’s main competitors in China are KrSpace and WeWork, a US co-working space giant with more than 178 locations worldwide, which announced late-July raising US$500 million for its Chinese entity, bringing total funding raised for its work in China to US$1 billion. It also faces competition from local rival Mydream+, which announced Monday securing US$120 million in its Series C round, one of the biggest investments for a local co-working space to date.
Editor: Ben Jiang