Chinese co-working space provider Ucommune has raised an additional Rmb110 million ($17.4 million) in strategic investment from existing investor Qianhai Wutong Mergers and Acquisition Funds, according to a Technode report.
The fresh investment comes barely two months after Ucommune raised Rmb300 million in a Series C funding round, also led by the same M&A fund, which is backed by Qianhai Equity Exchange.
Founded in 2015 by former Vanke executive Dr. Mao Daqing, Ucommune (previously known as UrWork) offers long-term leasing, hot desk and corporate-customization solutions, and professional services across a broad spectrum for small-to-medium enterprises in China.
The startup is backed by renowned investors such as Sequoia Capital, Zhen Fund, Noah Wealth Management and Sinovation Ventures. Its valuation was estimated to be $1.3 billion after the Series C round as of December 2017.
The latest strategic investment is expected to boost Ucommune’s valuation to about $9 billion.
On its website, Ucommune said it has grown to cover over 100 locations in over 33 cities in China, Singapore, London and New York, servicing over 4000 enterprises, with 50,000 members in total.
“The company is set to boost the number to 160 locations in 35 cities within the next three years,” it said.
With an international expansion blueprint ready, Ucommune has in the pipeline to develop over 100,000 seats for entrepreneurs in 160 new locations across 32 cities worldwide over the next three years.