Chinese co-working office space URWork is moving a step further to catch up with its U.S. peer WeWork, at least in valuation. The company announced today the completion of 400 million RMB (58 million USD) series B at a valuation of 7 billion RMB (1.02 billion USD), our sister site TechNode Chinese is reporting.

The valuation may still not comparable to WeWork’s whopping 16 billion USD mark, but it already boosts the company to China’s first co-working unicorn.

Investors of the round include Tianhong Asset Management, a fund management affiliate of Alibaba’s Ant Financial, Junfa Group, Shanghai Chuanghehui, an alumni of renowned business schools, Tianming Shuangchuang Technology and Dahong Group, adding to a top-notch current investor roster that includes reputable VCs like Sequoia Capital China, ZhenFund, and Sinovation Ventures.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.