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Hillhouse, General Atlantic lead Chinese coworking startup's series C funding

Coworking and shared office space provider Beijing MyDreamPlus Technology Co. Ltd. raised US$120 million in a recently completed series C fundraising round led by Hillhouse Capital Group Ltd. and General Atlantic Ltd.

Beijing MyDreamPlus' existing investors like Joy Capital, Ocean Link, Giant Network Group Co. Ltd.'s M31 Management Fund and K2VC also participated. TH Capital was the sole financial adviser to the Chinese startup.

Proceeds from the funding round will be used to further the company's expansion and foray into tier-1 mainland cities, increase investments in research and development and for the upgrade of its offices.

Beijing MyDreamPlus operates approximately 300,000 square meters of office space in Beijing, Chengdu, Shanghai, Hangzhou and Xi'an, according to a release.

The company is also aiming to add 100,000 square meters to its operations in the next four quarters. Li Wenlei, Beijing MyDreamPlus' co-founder, was quoted in the Aug. 13 Bloomberg News report as saying that the company is also working to make its system for booking meeting rooms compatible with the WeChat messaging system.

Beijing MyDreamPlus is also planning an IPO in about three years, the media outlet added.