Mydream+, a co-working space startup based in Beijing, has secured $20 million in a Series B round led by Joy Capital, according to a report by the China Money Network.
This marks a second investment from Joy Capital that earlier contributed an undisclosed amount in a 2015 Series A round. The latest transaction values Mydream+ at RMB200 million ($29 million).
“Joy Capital is optimistic about the future of the sharing economy, especially the redistribution of social resources based on technology and artificial intelligence,” said Li Xiao, founding manager at Joy Capital.
Last year, Joy Capital raised its first fund of $200 million to invest in Series A and B rounds of TMT, e-commerce and other technology startups.
“In the field of co-working space, Mydream+ has developed a series of high-quality products and services,” said Li.
Mydream+ has about 16 co-working offices around Beijing, providing 6,000 desks.
The firm has previously raised a $1 million angel round from K2VC and Innoangel Fund.
Mydream+ faces competition from the co-working space behemoth created by the merger of UrWork and New Space. The merged entity is the biggest co-working space chain in the country with a valuation of $1.3 billion.
In March, coworking space firm Wujie Space received a RMB100 million Series A+ investment from China Equity Group. Wujie also acquired a co-working space named Fourwork for an undisclosed amount this year.
Other co-working space startups in China include 5Lmeet, Fountown, Nash Work, Kr Space and naked Hub, which have all raised capital for expansion.