Office-Sharing Startup UR Work Finishes Financing Round With USD1.4 Billion Valuation
(Yicai Global) Dec. 22 -- UR Work said today that it has completed its C-round of financing, which valued the Chinese office-sharing startup at about CNY9 billion (USD1.37 billion).>
Shenzhen Qianhai Wutong Merger and Acquition Fund Management Co. led the nearly CNY300 million round with support from CKing Home-key Investment Group and venture capital firm Context Lab.
The workspace-sharing unicorn, whose business covers more than 30 Chinese cities, will explore a variety of community operations and expand its presence in second-tier cities, online media outlet Iyiou reported.
"Ur Work a leading company in the co-working space industry in China, and has played an important role in China's new economy upgrade," China Money Network quoted Qianhai Wutong Merger and Acquition Fund Management President Xie Wenli as saying.
The sharing economy has taken off in China in the past few years. Companies in the country offer shared bikes, umbrellas, portable power packs, electric scooters, cars, strollers and more. UR Work one of the many firms cashing in on the trend.