UrWork, one of the largest co-working space providers in China, has raised US$29.4 million in Series C round of funding from Beijing Love & Health Group (also known as Beijing Aikang), a major investor in health and hospitality sector.
As per the agreement, the two companies will co-develop a novel co-working model, set to launch in the first half of 2018.
“This new fund injection will help further strengthen our core verticals and diversify our investor portfolio. Beijing Love & Health Group’s investment is the forerunner of a series of facility and service upgrading at UrWork and we will continue to complement our existing platform facilities and resources with targeted health hospitality real estate, and contingent resources in shared working space sector,” said Dr. Mao Daqing, Founder and CEO of UrWork.
The announcement came two months after UrWork announced a US$58.8 million Series B funding from Star Group, a leading supplier of table tennis equipment and incubator for professional snooker pool players in China.
Founded in 2015 by real-estate veteran Daqing, UrWork is a leader in co-working space in China, providing startups, SMEs and corporate tenants with on-demand, short-term leasing and customised space solutions. Last month, the firm opened its first overseas location at JTC launchpad in Singapore in tripartite partnership with Singapore International Enterprise and CapitaLand. It is set to open another 150 locations across 32 cities worldwide including Los Angeles, New York and London over the next three years, enabling community connection for 40,000 individual members and over 5,000 enterprises.
Offering integrated multi-functional services and modern office facilities, UrWork platform aggregates over 1,000 partner enterprise and third-party service suppliers — encompassing financial advisory, human resources, media, consultancy, international shared-medical-service platform, online sport travel commerce, intellectual property protection, intelligent hardware, start-up accelerator and interior design.
Backed by renowned investors such as Sequoia Capital, Zhen Fund, Noah Wealth Management, Sinovation Ventures, UrWork posts a valuation of US$ 1.3 billion after Series B round as of June 2017.
“The rising concept of co-working address the more mobile working style modern urban professionals have today, where an increasing number of people work on the go, resulting in an under-utilisation of working space. By making space more dynamic with well-crafted furniture and facilities, and supportive services, this recaptures the latent under-utilised space, which also helps drive greater cost efficiencies,” Daqing further said.
“We are looking to diversify our portfolio and strengthen our brand asset in a bid to create a more comprehensive and inclusive ‘UrWork’ experience integrating all contexts in work and life,” he added.
Founded in 1993, Beijing Love & Health Group is a leading Chinese conglomerate with diversified investment portfolio in pharmaceutical and medical, securities and funds, hospitality and catering, as well as real estate sectors. With a clear health-oriented investment strategy, the company champions medical system upgrading and provides excellent post-investment support.
China has witnessed a huge boom of co-working spaces in recent years with hundreds of thousands of operators emerging. However, co-working is not only a trend that has emerged in China, but has developed along with global trends.
Image Credit: UrWork