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

Photographer: Tomohiro Ohsumi/Bloomberg

By Juliet Shwe Gaung

May 25, 2017

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.

China-based Big Data credit assessment platform Wecash and early-stage focused venture capital firm K2VC also participated in the round.

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.

Also Read: China: UrWork, 5Lmeet get $116m from Beijing Xingpai

China: Joy Capital raises $200m for debut venture fund

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

China Equity Group leads $14.5m series A+ in co-working startup Wujie Space

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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.
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