Alibaba-backed Beijing start-up WeWork 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 Kr Space, according to unnamed sources. WeWork, 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. WeWork 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.