China Equity Group leads $14.5m series A+ in co-working startup Wujie Space

In a tech co-working space in China | Photographer: Tomohiro Ohsumi/Bloomberg

China Equity Group has led a 100-million-RMB ($14.5 million) series A+ round in China’s office-sharing startup Wujie Space.

Matrix Partners China that was an angel investor in the company, has also joined the round, according to reports in Chinese media.

Wujie had acquired another co-working space firm Fourwork for an undisclosed amount in early 2017 – post that deal, it now owns 13 joint offices in Beijing and Tianjin with a total area of 30,000 square metres providing more than 5,000 seats.

Founder and CEO of Wujie Wan Liushuo said the company would use the proceeds to build more joint offices and kick off the new mobile office project called W-Studio.

The W-Studio project will provide hundreds of intelligent conference room services in Beijing where startups can select and rent through the app, he added.

Sequoia Capital-backed UrWork is the main competitor for Wujie. UrWork had raised RMB400-million from Tianhong Asset Management and Chinese property developer Junfa Group in January this year.

The co-working space business in China has rapidly expanded in line with the growth of startups there. Just this month alone, 5Lmeet announced that it raised $14.5 million series B round led by Singapore’s GIC, while Campfire Collaborative Spaces said it had secured $6 million seed funding to grow its co-living spaces in Hong Kong and other Asian countries.

Also read:

Singapore: GIC leads $14.5m Series B investment in Chinese co-work space 5Lmeet

China: Sequoia-backed UrWork gets $58m from Ant Financial Unit, others

HK-based co-work space Campfire raises $6m in seed round

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.