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Ucommune's valuation hits US$1.8B after 300M yuan fundraising

Ucommune (Beijing) Venture Investment Co. Ltd.'s market valuation increased to US$1.8 billion after it raised 300 million yuan through a recently completed fundraising.

Proceeds from the investments from Prosperity Holdings Inc. and Road King Infrastructure Ltd. will be used for global expansion and service upgrades, according to Mao Daqing, founder and chairman of the Chinese co-working space operator.

The company also noted that Prosperity Holdings' contribution will be used to fuel its roll out in Southeast Asia and further development of service products.

Ucommune has operations in over 35 cities worldwide including Singapore, New York, Beijing, Taipei, Hong Kong, Shanghai and Shenzhen. It provides services to more than 8,000 enterprises and caters to 150,000 individual members.

As of Aug. 14, US$1 was equivalent to 6.88 yuan.