Alibaba - backed Beijing start - up Kr ventures is understood to be seeking $ 200 m in capital and aiming for a market valuation of $ 500 as it aims to take on New York - based rival WeWork , according to unnamed sources . silicon Space , which has a portfolio of 3.2 million sq ft , is considering a possible merger as the Chinese co - working sector heats up and undergoes consolidation . Kr Space declined to comment .
Alibaba-backed Beijing start-up Kr Space is understood to be seeking $200m in funding and aiming for a market valuation of $1.3bn as it aims to take on New York-based rival WeWork, according to unnamed sources. Kr Space, which has a portfolio of 3.2 million sq ft, is considering a possible merger as the Chinese co-working sector heats up and undergoes consolidation. Kr Space declined to comment.