China: UrWork, 5Lmeet get $116m from Beijing Xingpai

A guest attends the opening ceremony of WeWork Hong Kong flagship location in Hong Kong, China February 23, 2017. REUTERS/Bobby Yip

Chinese co-working space unicorns UrWork and 5Lmeet have raised $116 million in a funding round led by Chinese conglomerate Beijing Xingpai Group.

Both the firms received $58 million each from the Chinese conglomerate that is engaged in sports, real estate and investment business, according to a report from China Money Network.

With the latest funding, both firms founded by former real estate executive Mao Daqing may beef up to compete with WeWork which is expanding into China.

UrWork received funding in January this year from Ant Financial-affiliate Tianhong Asset Management. Meanwhile, 5Lmeet has raised over $60 million in a Series A round led by Junzi Capital and Jinyun Electrical.

UrWork and 5Lmeet — both valued at over $1 billion — are among several co-working space startups in China. Others include Cowork, SimplyWork and others.

UrWork recently merged with incubator and co-working space firm New Space. The merged entity is set to expand to 150 locations and 35 cities in the next three years, providing a total of 100,000 desks.

Recently, Singapore’s sovereign wealth fund GIC led a $14.55 million investment in 5Lmeet. Henang-based Kaifeng Culture Tourism Investment Group, a government industry fund, also participated in this round.

Also Read: Chinese unicorn UrWork merges with New Space to ward off US rival

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

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

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.