Chinese co-working major Ucommune raises $200m, valuation jumps to $3b

China’s co-working space provider Ucommune has raised $200 million in a Series D round of funding led by Hong Kong-based All-Stars Investment, it announced on Tuesday.

The company’s valuation after the financing has soared to $3 billion, it added. Ucommune had raised $44 million in its pre-Series D in August this year, earning a post-money valuation of $1.8 billion.

Proceeds from the latest funding round, which was joined by CEC Capital, will be used to expand its global presence, and strengthen its research and development capabilities.

Ucommune currently claims to cover over 200 locations in over 37 cities globally, including Singapore, New York, Beijing, Taipei, Hong Kong and Shanghai. It now plans to expand to 350 cities in 40 countries around the world over the next three years.

Ucommune, which is China’s first co-working unicorn and Asia’s largest co-working space provider, has been on an acquisition spree this year. It has snapped up co-working space providers Fountown, Woo Space, Wedo Space, Workingdom (for $45 million) and New Space as well as architectural design firm DAGA.

In September, it was said to have acquired smart office platform Huojian Technologies for RMB 200 million ($28.7 million). It announced an investment of RMB 150 million ($21.5 million) in digital marketing firm GIMC Zest Digital in November.

In a recent interview with this portal, Ucommune founder Mao Daqing had said that the completion of the Series D round will pave the way for an IPO early next year.

Ucommune is fighting off formidable competition on its home turf. WeWork China raised $1 billion in debt in August from backer SoftBank after closing a $500-million Series B round in July. Another co-working space operator in China, MyDreamPlus, had raised $120 million in a Hillhouse Capital-led round.

“We are the largest in China, but they (WeWork) are the largest in the world,” Mao had said. “We welcome competition. Having international players like WeWork will lift market standards and help everyone.”

Also Read:

China’s co-working major Ucommune seeks $200m in fresh funding, eyes 2019 IPO

Chinese co-working space unicorn Ucommune acquires local rival Fountown

Chinese co-working space unicorn Ucommune raises $43.5m, hits $1.8b valuation

China’s Ucommune confirms acquisition of rival Workingdom for $45m

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.