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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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.