<article>Ucommune, China&#8217;s largest co-working space operator, has raised $43.5 million in its latest financing round, pushing its post-money valuation to $1.8 billion.</article>

Ucommune, China&#8217;s largest co-working space operator, has raised $43.5 million in its latest financing round, pushing its post-money valuation to $1.8 billion.
According to an official statement, the funding was led by Prosperity Holdings, which also led its pre-Series C round in July 2017, and RK Properties. Proceeds from the latest round will be used to develop and upgrade services and speed up Ucommune&#8217;s roll-out in Southeast Asia.
Ucommune&#8217;s latest financing comes right after rival WeWork China secured $1 billion in debt from backer SoftBank. The US co-working space giant had also raised $500 million in fresh funding from investors including Singapore&#8217;s Temasek and SoftBank in July. Another co-working space operator in China, MyDreamPlus, on Monday announced that it had raised $120 million in a Hillhouse Capital-led round.
&#8220;This new round of funding cements Ucommune’s position as the absolute leading co-working space provider in Asia,&#8221; said Ucommune founder and chairman Dr. Mao Daqing. &#8220;Through this partnership with RK Properties and Prosperity Holdings, we seek to further upgrade our integrated co-working experience through tapping into the community synergy and the potential of commercial contexts.&#8221;
Ucommune claims to be the first co-working space operator in China to be cash flow positive. It earns revenue from two sources &#8211; online booking and offline services.
Ucommune has been on an expansion spree since May, entering new markets such as Hong Kong and Singapore. It announced the acquisition of rival Workingdom for $43.6 million in July, adding over 11,000 square metres of co-working space in Shanghai.
Ucommune and Jingrong Holdings recently co-established China&#8217;s first shared office real estate fund at $150 million, according to China Money Network.
The co-working space operator is present in more than 160 locations across 35 cities, including Singapore, New York, Beijing, Taipei, Hongkong, Shanghai, Shenzhen. Its institutional investors include Sequoia Capital, ZhenFund, Noah Wealth Management and Sinovation Ventures.

Ucommune, China’s largest co-working space operator, has raised $43.5 million in its latest financing round, pushing its post-money valuation to $1.8 billion.

Chinese co-working space unicorn Ucommune raises $43.5m, hits $1.8b valuation

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Chinese co-working space unicorn Ucommune raises $43.5m, hits $1.8b valuation

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