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.
Established in 2015, Woo Space counts Matrix China, Xinli Capital Group, Meihua Angel Investment and Qingshan Capital as its investors. The company currently runs 23 locations in the country, catering to more than 700 enterprises. In early 2016, Ucommune had participated in a Series A round financing of Woo Space by making a strategic equity investment.
“The merger draws on the cultural and technical strengths of both companies – community spirit, commercial development, and ecological development. All our members will be integrated into our Ucommune platform to enable more efficient and effective operations and better community synergy,” says Ucommune founder and chairman Dr Mao Daqing.
Ucommune attained unicorn status early this year after acquiring New Space. Last month, the co-working space provider raised about $17.4 million in strategic investment from existing investor Qianhai Wutong Mergers and Acquisition Funds.
“Both parties will be fully committed to synergizing resources, management capabilities to maximise our market share and commercial performance in membership operations and brand building,” said Wan Liushu, founder and CEO of Woo Space.
Ucommune offers long-term leasing, hot desk and corporate-customization solutions, and professional services across a broad spectrum to small-to-medium enterprises in China.
On its website, Ucommune said it has grown to cover over 100 locations in over 33 cities in China, Singapore, London and New York, servicing over 4,000 enterprises, with 50,000 members in total.