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. The company was founded by former Google executive Kai-Fu Lee, who left his post at the search giant last year after being accused of sexual harassment by several women.
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.