China's biggest co-working brand, Ucommune (formerly UrWork), has secured $17.3m in investment from Qianhai Wutong Mergers & Acquisitions Funds, just two months after raising $45m in a series C funding round. The latest cash injection gives Ucommune a market value of $1.4bn, while its expansion plans set it firmly against New York-based rival WeWork. In the US, where there are more than 100 million people who work remotely, companies like Airbnb and TaskRabbit have been able to tap into this new market.
China's biggest co-working brand, Ucommune (formerly UrWork), has secured $17.3m in investment from Qianhai Wutong Mergers & Acquisitions Funds, just two months after raising $45m in a series C funding round. The latest cash injection gives Ucommune a market value of $1.4bn, while its expansion plans set it firmly against New York-based rival WeWork. While the latter is planning launches in eight Chinese locations, Ucommune, which has a presence in China, the US and London, among other cities, is eyeing the Taiwan market, after opening bureaus in Hong Kong and Taipei.