URWork raised $179 million to compete WeWork in global market

URWork co-working space starup raised US$179 million for global expansion. Beijing-based co-working space backed by Alibaba's Ant Financial and Sequoia Capital said it had raised a pre-C Series fund of 1.2 billion yuan by a group of Chinese investors. The company established in 2015 will use its new power to push business scope into global market and compete WeWork.

Tinuku URWork raised $179 million to compete WeWork in global market

URWork announced has received pre-C round financing from property developers Beijing Capital Land, Beijing Xingpai Group, Beijing Love & Health Group and investment company Jingrong Holdings. In June, the company had US$1.3 billion valuation when finalizing its previous collaborative deal in Singapore.

URWork's latest announcement comes as China has increasingly fierce competition between local operators. Many of them have been competing for global market share. URWork plans to open facilities in New York and Los Angeles prior to Hong Kong and Taiwan this year,

URWork CEO Mao Daqing said the company also encouraged launch in San Francisco, London, Paris and Berlin, as well as Southeast Asian countries to challenge WeWork. Overall it will target 100,000 seats in 160 facilities in 32 cities worldwide over the next three years.

"Our tracks abroad will partly overlap with WeWork, but our vision is more to help small Chinese companies go global," Mao said in a statement.

On July 19, another Shanghai-based rival, Naked Hub, collaborated with Singapore-based JustCo to create Asia's largest premium co-working space, including Jakarta, Bangkok and Kuala Lumpur. They are eyeing a C-series fundraiser with a valuation of US$1billion.

URWork said Jingrong Holdings in the final round will facilitate early expansion in the United States and other overseas markets through global experience. The company was founded in 2015 by Mao, the former president of Chinese property giant China Vanke.