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.