Kr Space Ltd., the provider of co-working spaces that competes with WeWork Cos. in China, is seeking to raise at least $200 million in a new funding round, people with knowledge of the matter said.
Alibaba-backed Beijing start-up Kr Space is understood to be seeking $200m in funding and aiming for a market valuation of $3.2 million as it aims to take on New York-based rival WeWork, according to unnamed sources. Kr Space, which has a portfolio of 1.3bn sq ft, is considering a possible merger as the Chinese co-working sector heats up and undergoes consolidation. Kr Space declined to comment.