(Yicai Global) Aug. 13 -- Co-working space provider Mydreamplus Technology has secured USD120 million in C-round funding, the largest ever catch in China's office-sharing sector.

Hillhouse Capital and General Atlantic led the round, the Beijing-based firm said in a statement today. The funds will help Mydreamplus develop new ideas for and upgrade its offices, and expand in major cities like Beijing and Shanghai and some of China's new first-tier cities, such as Chengdu, Hangzhou and Xian, the statement added.

Mydreamplus has quickly grasped the co-working space sector, which has gained traction in China as property prices have risen over recent years. It has over 40 offices in key business districts around the country, and is the biggest shared office provider in Chengdu and Beijing after opening one new space a week in both cities since June.

The sector is growing rapidly around the world, and China needs an office-sharing provider to expand quickly in line with the country's economic growth, Hillhouse Capital said, adding that Mydreamplus's capacity for innovation will help accelerate the industry's development across the country.

Editor: James Boynton