<article>China&#8217;s co-working space giant Ucommune is acquiring local rival Fountown to cement its leadership in home ground.</article>

China&#8217;s co-working space giant Ucommune is acquiring local rival Fountown to cement its leadership in home ground.
This makes it Ucommune&#8217;s fifth acquisition this year, following the transactions of Wedo, Workingdom, Woo Space and New Space. No financial details were provided in the statement by UCommune.
Ucommune is fighting formidable rivals in home turf. MyDreamPlus, another Chinese co-working space, recently announced that it raised $120 million in a Hillhouse Capital-led round. WeWork&#8217;s China unit also raised $1 billion in debt from SoftBank to fuel its expansion into China.
Ucommune&#8217;s moves to acquire smaller rivals is seen as a bid to consolidate its leadership in the mainland.
The Fountown acquisition will add 26 Beijing and Shanghai co-working spaces to Ucommune&#8217;s portfolio, bringing it to 200 in 37 cities. The company has 88 offices in Beijing and 42 in Shanghai. In Shenzhen alone, Ucommune has 20 offices with 250,000 square metres.
Ucommune has also been expanding beyond mainland China in recent months. The company is targeting to open its first two Hong Kong spaces by next year, and has two Singaporean co-working spaces in Ayer Rajah Crescent and Suntec City. It also has a market presence in New York and Taipei.
Ucommune currently boasts a pre-D round funding valuation of $1.8 billion. The Chinese unicorn had previously revealed plans to raise another $200 million in Series D funding by end-year, paving the way for an IPO in early-2019.
WeWork, the New York-based co-working giant, was valued at $20 billion at its most recent fundraising round and boasts SoftBank as one of its key investors. Last week, SoftBank was reported to be taking a majority stake in WeWork by investing $15 to $20 billion, a massive top up from its last investment. SoftBank and its Vision fund invested $4.4 billion in WeWork last year, with an additional $1 billion in a convertible note in August.

China’s co-working space giant Ucommune is acquiring local rival Fountown to cement its leadership in home ground, making it its 5th acquisition this year.

Chinese co-working space unicorn Ucommune acquires local rival Fountown

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Chinese co-working space unicorn Ucommune acquires local rival Fountown

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