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

Kr Space
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.

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