Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website
Subscribe CustomBlackClose

Belt & Road Weekly Subscription Form

download_pop

Research ReportCustomBlackClose

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

Xinhua Silk Road Database
Company

UR Work receives $58 million in its B round of financing

January 22, 2017


Abstract : The co-working space start-up UR Work has just received a 400 million yuan ($58 million) investment in its B round of financing, boosting its valuation estimation to seven billion yuan.

BEIJING, Jan. 22 (Xinhua) -- The co-working space start-up UR Work has just received a 400 million yuan ($58 million) investment in its B round of financing, boosting its valuation estimation to seven billion yuan.

After the 400 million yuan investment was injected, the company has successfully leaped into the billion dollar unicorn club, becoming the first unicorn company in China's office-sharing business. Unicorn refers to private companies with a valuation of more than one billion dollars.

UR Work, the barely two-year-old venture has completed six rounds of financing in total, from investors including Tianhong Asset Management, Shanghai Chuanghehui Fund and Junfa Real Estate.

In the recent B round of financing, UR Work allowed its investors to invest assets in shares apart from cash investments. In one hand, this move will make UR Work more appealing to quality resources. On the other hand, UR Work will be able to better optimize its existing resources in order to further deepen its domestic market and pioneer in the overseas market, according to its founder and chairman Mao Daqing.

For UR Work, how to improve its management mode, upgrade technology and expand its international market will be on its 2017 agenda, Mao said.

In fact, UR Work started to map out its international strategy during the second half of 2016. It has plans to expand its business and set up venues in cities including Singapore, New York, London and Taiwan and build up an online office-sharing platform.

On Dec 2, 2016, International Enterprise Singapore, CaitaLand and UR Work signed a tripartite partnership. According to the Memorandum of Understanding, small and medium-sized enterprises will be able to gain an easier access process to the international market by using UR Work's office-sharing service in both China and Singapore.

So far via its website and app, UR Work covers 16 cities, facilitating hundreds of thousands members with shared office information, service and online communication access.

In 2017, UR Work is expecting to cover first and second tier cities in China and 10 cities abroad. And through domestic and overseas expansion, UR Work is ambitious in trying to become the biggest office-sharing operator in China. (chinadaily.com.cn)

Scan the QR code and push it to your mobile phone

Keyword: start-up co-working space UR Work

Most Read

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial

Ask Us A Question belt & road login close

If you have any questions, please enter them in the box below.

Identifying code Reload

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to silkroadweekly@xinhua.org and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial