Hongfu Group leads $18m Series A in Chinese co-working space startup Bigger

Xi’an-based Hongfu Group has led an $18-million Series A financing round in Bigger, a co-working space and startup incubator backed by Hong Kong-listed property developer Modern Land China.

The other new investor in this round is Beijing-based incubator First Care, according to China Money Network.

Bigger was launched by Modern Land in December 2015. In less than a year, it secured $5 million in pre-Series A round from Green Pine Capital Partners and Chenhai Fund last July.

The report said that Hongfu Group would support Bigger in launching new incubator and co-working spaces in Xi’an city in Western China.

The co-working space segment in China has become increasingly competitive. China’s first co-working space unicorn UrWork announced a merger with rival New Space in April to create the largest co-working space chain in the country with a valuation of RMB9 billion ($1.3 billion).

Wujie Space, another rival, announced its decision to acquire another joint office company, Fourwork, early this year before it received RMB100 million Series A plus funding from China Equity Group in March.

Last month, Joy Capital also led a $20-million series B round in Mydream+, another Beijing-based co-working space startup.

Also read:

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

China: Co-working startup Mydream+ raises $20m in Series B led by Joy Capital

HK-based co-work space Campfire raises $6m in seed round

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.