Ucommune, a Beijing, China shared workspace company, had raised $43.5 million in Series C funding. Ucommune used to be known as UrWork, but WeWork filed a lawsuit enforcing a name change.
This round of funding was led by Prosperity Holdings and RK Properties. And according to TechCrunch, Ucommune was given a $1.8 billion post-money valuation following this round of funding.
Ucommune had raised a total of $450 million from investors so far. WeWork China, one of Ucommune’s largest rivals, raised a total of about $1 billion ever since it spun out of WeWork a year ago.
“This new round of funding cements ucommune’s position as the absolute leading co-working space provider in Asia,” said Ucommune founder and chairman Dr. Mao Daqing. “The concept of coworking has evolved tremendously over the last two years to one that compasses traditional rental, bespoke design, community networking and new retail. Ucommune has evolved from a single space provider to an integrated value-added experience where people from all backgrounds and walks of life can convene, connect and innovate together,” said Dr. Mao. “Through this partnership with RK Properties and Prosperity Holdings, we seek to further upgrade our integrated coworking experience through tapping into the community synergy and the potential of commercial contexts.”
In Ucommune’s announcement, it cited research by Collier’s International where it found that over 56% of 200 leasing clients are using cowering spaces and 90% are considering adopting cowering as an office solution.
The investment by Prosperity Holdings and RK Properties in Ucommune was strategic. For example, Prosperity will help Ucommune expand in Southeast Asia such as Singapore and Indonesia. And RK Properties will work with Ucommune to upgrade the existing office spaces.
Ucommune currently manages 160 locations across 35 cities. Most of these locations are in mainland China, but the company also has a few locations in Hong Kong, New York, London, and Taiwan.
