China’s leading co-working space provider UrWork has rebranded into Ucommune, and raised US$45 million in Series C round of funding led by Qianhai Wutong Mergers and Acquisitions Funds, a PE fund owned by regional equity exchange Qianhai Equity Exchange.

CK Home–Key Investment Group, and venture capital firm Context Lab also co-invested in the round.

With this, the Beijing-headquartered company’s valuation has touched US$1.3 billion.

The new investment will be deployed to drive global expansion, community service and technology upgrading. “It will help further strengthen our core verticals and will see a series of facility and service upgrading at Ucommune that sets us apart from other contenders,” Founder and CEO Dr. Mao Daqing said.

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“Ucommune plays an important part in China’s economic upgrading, as the model enterprise in China’s sharing economy. Through the win-win partnership, we aim to revitalise more under-utilised urban infrastructure and promote industrial upgrading in China,” said Xie Wendi, Founder and CEO of Qianhai Wutong Mergers and Acquisitions Funds.

Founded in April 2015, Ucommune provides startups, SMEs and corporate tenants with on-demand, short-term leasing and customised space solutions. With 100 locations in over 30 cities in the world, Urcommune aggregates over 1,000 professional business service suppliers across a broad spectrum. It claims to be serving over 40,000 individual members and over 3,000 enterprises.

Moving forward, Ucommune will penetrate second-tier cities with more innovative operational model and space utilisation solutions.

“The rising concept of co-working addresses the more mobile working style that modern urban professionals have today, where an increasing number of young people work on the go, resulting in an under-utilisation of stock assets. By revitalising the spaces with craft architecture, designer interior and connected technology, we recapture the latent stock spaces, creating more added values,” added Daqing, who is also the founder and CEO of 5LMeet, China’s first co-living concept company.

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The company offers in-house Express Financing programme and a series of acceleration programmes to help startups scale and grow. Its proprietary Link China Program partners with Chinese government agencies and a broad range of service suppliers to help foreign startups ease market-entry in to China.

Sequoia Capital, Zhen Fund, Noah Wealth Management, and Sinovation Ventures are also investors in Ucommune.