• Ucommune

  Led · Series C · Aug 2017

  Ucommune operates a network of more than 200 co-working spaces across 37 cities, including locations in Singapore, New York, Taipei and Hong Kong, serving clients such as ByteDance, Ofo, Mobike and Kuaishou. The company’s core product is flexible workspace and related workplace services, and it has pursued aggressive consolidation, acquiring seven companies this year including Fountown (27 spaces) and several co-working brands plus an interior design firm and a workplace collaboration startup. Ucommune says it currently has about 100,000 workstations and plans to double capacity to 200,000 over the next three years while expanding to 350 cities across 40 countries. Financially, the company closed a $200M Series D that values it at $3 billion and brings total capital raised to around $650 million to date, according to Crunchbase. Ucommune was founded in 2015 and positions itself as WeWork’s main rival in China, where WeWork China has roughly 40 locations. The company is also moving into new international markets, with plans to open an inaugural Hong Kong space in December and a second in early next year. Ucommune operates flexible co-working and office spaces, claiming to manage 160 locations in over 35 cities. The company, formerly known as UrWork, competes directly with WeWork China and maintains a presence outside Asia in New York, London, Hong Kong and Taiwan. Ucommune announced a $43.5 million Series C at a $1.8 billion post-money valuation. The round was led by real estate-focused Prosperity Holdings and RK Properties, both described as strategic investors. Prosperity will help the company expand its presence in Southeast Asia (Ucommune already has operations in Singapore and an investment in Indonesia), while RK Properties will assist in upgrading existing office spaces, possibly akin to WeWork’s ‘Powered By We’ program. To date Ucommune has raised roughly $450 million and this year has completed four acquisitions, including Workingdom for around $45 million. UrWork is a Beijing-based co-working space provider founded in 2015 by Dr. Mao Daqing. The company offers long-term leasing, hot desk and corporate-customization solutions as well as professional services for SMEs. It currently covers over 100 locations across more than 30 cities worldwide, including Singapore, New York, Los Angeles, San Francisco and London. UrWork services over 3,000 enterprises and 40,000 individual members in total. The company completed a $45M Series C that valued it at $1.3 billion and plans to use the funds to drive further global expansion, community service and technology upgrading. The latest round was led by Qianhai Wutong Mergers and Acquisitions Funds with participation from CK Home — Key Investment Group and Context Lab. UrWork is a Beijing-based co-working leader that provides on-demand, short-term leasing and customized space solutions to startups, SMEs and corporate tenants. The company aggregates over 1,000 professional business service suppliers and serves over 40,000 individual members and more than 3,000 enterprises, including corporate members such as ofo bike, BlueGogo, Mobike, Amazon China, Jin Ri Tou Tiao, Netease and JD Logistics. UrWork offers an in-house Express Financing program, a series of acceleration programs, and the Link China Program to help foreign startups enter the Chinese market. As of August 2017 it operated 88 locations in over 22 cities and plans to open another 160 locations across 32 cities worldwide over the next three years. The expansion target covers a total area of over 7M sq.ft. The company raised a US$178M pre-C round resulting in a post-C valuation of US$1.5 billion and intends to use the funds for further global expansion and technology upgrading; it is led by founder and CEO Dr. Mao Daqing. URWork operates shared office space and offers complementary value-added services such as financial services, human resources, and healthcare to its community. The company reports annual revenue of around RMB 400 million ($58.5 million), with roughly 75% from core office space rentals and 25% from value-added offerings. URWork says it serves about 2,400 companies across 24 cities in China and has begun overseas expansion to Singapore, London, Taiwan and New York City. Since launching in April 2015 the company has completed six funding rounds and one merger. URWork aims to deepen and broaden its service portfolio to unlock additional monetization around its community. The partnership with Aikang is intended to bring traditional-sector resources to build a more specialized, service-oriented co-working experience beginning in the first half of 2018.

No current team members are available.