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Report: China's Ucommune shared office provider to raise US$200M for expansion

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Report: China's Ucommune shared office provider to raise US$200M for expansion

Chinese shared workspace provider Ucommune (Beijing) Venture Investment Co. Ltd.'s only foreign investor, RockTree Capital, is looking to raise US$200 million to fund the startup's international expansion drive, Reuters reported, citing a source with knowledge of the matter.

RockTree is reportedly in search of one or two international partners to join Ucommune, which also counts China's online retail giant Alibaba Group Holding Ltd. as its investor, according to the report.

The company, previously named UrWork (Beijing) Venture Investment Co. Ltd., boosted its valuation to US$1.7 billion after finalizing its acquisition of rival Woo Space earlier in March and raising 300 million yuan in a series C funding round in December 2017.

The venture opened its first location in New York City on March 28, in partnership with U.S.-based flexible workspace company Serendipity Labs.

Ucommune will continue to focus on Southeast Asia as it plans to open new sites in Kuala Lumpur and Jakarta, in addition to its existing sites in Hong Kong, Singapore and Taipei, the March 29 report added, citing Daqing Mao, chairman and CEO of the company.

As of March 28, US$1 was equivalent to 6.30 yuan.