China’s Kr Space raises $92m in funding from IDG Capital, Gobi, others

Visual from Kr Space's website

Chinese co-working space Kr Space has raised Rmb600 million ($92 million) in a pre-Series B funding round joined by return backer IDG Capital and other venture capital firms.

A spin-off of Ant Financial-backed 36Kr, Kr Space operates 30 co-working spaces in eight cities in China, including Beijing, Shanghai, Hangzhou, Suzhou and Nanjing.

Aside from IDG Capital, Kr Space’s latest financing round was also joined by Gobi Partners, Unity Ventures, Prometheus Capital, China Minsheng Investment Management, and Colony New Yangtze Fund.

A fund established by Wang Sicong, son of Chinese tycoon Wang Jianlin, also participated in the round, according to China Money Network, quoting 36Kr.

The startup will utilize the proceeds to set up more co-working spaces in China’s tier-1 cities.

In September 2017, the Chinese co-working space had raised a $15 million funding round from IDG. It had also bagged $30 million from Prometheus Capital and IDG in 2016.

Also Read:

VC Roundup: MyState raises $6.5m; KR Space Series A round values it at $150m

China: Prometheus Capital & IDG lead $30m investment in KR 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.