Co-Working Space Firms UrWork, 5Lmeet Raise $116M From Beijing Xingpai

Beijing Xingpai Group, a Chinese conglomerate engaged in the sports, real estate and investment businesses, has led a RMB800 million (US$116) investment round in co-working space start-up UrWork and 5Lmeet, both founded by Mao Daqing, a former real estate executive at China Vanke Co., Ltd.

UrWork and 5Lmeet will each received RMB400 million (US$58 million), according to an announcement.

Earlier today, Chinese co-working space firm Mydream+ just announced that it had raised a US$20 million series B round from JOY Capital, K2VC and Chinese credit assessment start-up Wecash.

UrWork was founded in 2015, and it agreed to merge with its peer Beijing-based incubator and co-working space firm New Space last month. The combined company, which will be valued at RMB9 billion (US$1.3 billion) once the deal gets completed, will have over 100 locat...

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