Barely weeks after WeWork China raised $500 million, one of its main rivals is refueling its tanks too. Ucommune — the company formerly known as UrWork until a WeWork lawsuit forced a rebrand — announced its $43.5 million Series C round.
Beijing-based Ucommune’s new round was led by real estate-focused investment firms Prosperity Holdings and RK Properties. The company said the deal gives its business a $1.8 billion post-money valuation. to date, it has raised around $450 million from investors, according to Crunchbase data. For comparison, WeWork China has pulled in $1 billion overall since being spun out of WeWork’s global business one year ago.
Both investors are strategic, according to Ucommune. It said that its partnership with Prosperity, in particular, will help it expand its presence in Southeast Asia, where it has a presence in Singapore and an investment in Indonesia. While it will work with RK Properties to upgrade its existing office spaces, perhaps in the style of WeWork’s ‘Powered By We’ program.
In total, Ucommune claims to manage 160 locations in over 35 cities. That’s primarily China but outside of Asia its reach does include New York, London, Hong Kong and Taiwan, too.
News of this new funding comes one day after another Chinese co-working brand, My Dream, raised $120 million.
Three big names is nothing though, the field used to be comprised of dozens of players. Some have died out but the market has also seen plenty of consolidation. WeWork bought its closest rival Naked Hub in a deal reportedly worth $400 million. Meanwhile, Ucommune has made four acquisitions this year, including Workingdom for around $45 million this summer.