- General
- August 14, 2018
- 4 minutes read
Ucommune said to be aiming for $200 million funding round and IPO as early as next year
On the heels of a $43.5 million funding round which valued Ucommune, The 3 year old Chinese co-working startup at…
On the heels of a $43.5 million funding round which valued Ucommune, The 3 year old Chinese co-working startup at $1.8 Billion, A new piece from Bloomberg states of the WeWork China rival aiming to raise $200 million in total in a Series D funding round with the company also aiming for an IPO which could take place as early as next year likely on the Hong Kong stock exchange.
Ucommune has stood as a major co-working startup in the Chinese region heavily funded with well over $400 million so far in funding from several notable Chinese investors having grown to a stated 160 locations in over 35 cities servicing over 150,000 individual members and 8,000 enterprises in total as per the company.
Commenting on the just recently concluded funding round, Mao Daqing, The company’s founder and CEO said “The concept of coworking has evolved tremendously over the last two years to one that compasses traditional rental, bespoke design, community networking and new retail. Ucommune has evolved from a single space provider to an integrated value-added experience where people from all backgrounds and walks of life can convene, connect and innovate together,” He continued. “Through this partnership with RK Properties and Prosperity Holdings(which led the round), we seek to further upgrade our integrated coworking experience through tapping into the community synergy and the potential of commercial contexts.”
Daqing stands as a real estate veteran with over 23 years of experience and is making use of this to expand Ucommune’s stand as a leading firm the rapidly growing Chinese co-working sector.
Initially starting as UrWork, The co-working startup had to re-brand as Ucommune after a WeWork name infringement lawsuit last year focusing on the Chinese market in addition to opening locations
across other cities including London, Los Angeles, Hong Kong and Singapore.
“We don’t want to just provide office space, we want to give customers more possibilities,” UrWork says. “Connecting to the world from a desk, building from a massive membership network — that’s what we mean by ‘commune’.”
Competing with the $20 Billion co-working behemoth and pioneer WeWork along with several others including MyDreamPlus which just closed on $120 million in funding, We’ll get to see how the company’s expansion would go and if a successful IPO would be coming soon for the just 3 year old firm.
