IDG-backed Chinese startup Kr Space raises $94.6m in latest round

Source image: Kr Asia

Chinese co-working space Kr Space said has it raised Rmb600 million ($94.6 million) in a new round of funding in February to fuel its expansion plans.

In a statement issued on March 5, Kr Space said, it will use the funds to boost its portfolio by adding 300,000 sq m of space by the end of 2018. The co-work space operator did not divulge details of investors who participated in the latest round.

Led by David Zhong, the co-working space company has occupied nearly 120,000 square meters of office space in China’s first-class cities in the past three months with 14 sites in different office buildings in the core areas of Beijing and Shanghai.

Kr Space said it aims to expand not only in China but also in Hong Kong, Singapore, Tokyo, and other cities in Asia-Pacific region by the end of this year.

In January, Kr Space raised Rmb600 million ($92 million) in a pre-Series B funding round joined by return backer IDG Capital and other venture capital firms including Gobi Partners, Unity Ventures, Prometheus Capital, China Minsheng Investment Management, and Colony New Yangtze Fund.

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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