China’s WeWork Copycat UrWork Raises $58M From Ant Financial Unit And Others

Chinese co-working space start-up UrWork has raised a new round of financing worth RMB400 million (US$58 million) from Tianhong Asset Management Co., Ltd., a fund management firm affiliated with Ant Financial, Chinese property developer Junfa Group and a number of other Chinese companies.

Chinese property firm Dahong Group and Tianming Shuangchuang Technology, both based in Henan province, as well as Shanghai Chuanghehui Fund, were also named as investors in the round. Ant Financial is an affiliate company of Alibaba Group

The round highlights a growing trend toward much broader groups of entities including companies, asset management firms and insurance companies join...

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