Chinese Co-working Giant Ucommune Raises $200 Million for Further Global Expansion
China’s coworking space provider Ucommune announced on Nov. 14 that it will close a $200 million Series D round of funding three months after its previous one, making it the largest single round financing for the unicorn.
The new round was led by Hong Kong-based All-Stars Investment, and followed by Chinese investment bank CEC Capital and other investors. Ucommune said the proceeds will further accelerate its expanding global businesses, improve its ecosystem, and advance its Internet of Things (IoT) smart office technology.
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“There is strong growth potential in the coworking and smart working technology sectors, bolstered by China’s urbanization, industrial and consumption upgrading,” said Dr. Mao Daqing, founder and chairman of Ucommune.
According to a statement by Ucommune, the deal pushed the company’s valuation to $3 billion, marking a significant jump from a post-money valuation of $1.8 billion, after a Series C funding of $44 million in August this year.
The company recently acquired Fountown, its Shanghai-based rival, adding 26 locations in Beijing and Shanghai. The acquirement signals the continuation of its expansion plan as it also acquired Woo Space, Wedo Space, Workingdom, New Space, and DAGA over the past two years.
It has been reported that Ucommune has over 200 coworking spaces across 37 cities, with nearly 15,000 companies and SME members accounting for a total area of 730,000 square meters. It is expected to expand to 350 locations across 40 cities over the next three years.
“The D-round investment in Ucommune is a testimony to our confidence in the brand. We are not just investing in the coworking concept itself, but also in the innovative entrepreneurs seated behind each desk,” said Ji Weidong, founder and CEO of All-Star.
Featured photo credit to Ucommune