China's co-working space giant Ucommune acquires rival, valuation rises to $1.7b

China's co-working space giant Ucommune acquires rival, valuation rises to $1.7b

Ucommune in Choyang, Beijing

UrWork (Beijing) Venture Investment, commonly known as Ucommune and formerly known as UrWork, the only unicorn in China’s co-working sector, said it is on track to form Asia’s largest co-working space provider following its acquisition of rival Woo Space.

The combined entity will cater to over 200,000 members and boost Ucommune’s valuation to $1.7 billion, an official statement said. The acquirer said it will focus on platform upgrading, integrating the membership system, enhancing exchanges and cooperation between the two companies in location and corporate service resources.

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