Chinese coworking behemoth URWork has just wrapped up an RMB 200 million ($30 million) investment today from KCC, a state-owned real estate developer based in Kunming, Yunnan Province.
As part of the announcement, URWork says the two companies plan to invest a combined RMB 1 billion for the construction of a 30k square meter city complex and innovation center in Kunming’s business hub. Upon completion, the new project will be the largest single space that’s operated by URWork so far.
While URWork is running a race against both domestic and global competitors in pushing its co-working operations to the global market, the current tie-up shows that Chinese co-working unicorn is also expanding across verticals: business complexes that not only involve shared offices but also more diversified business models from commercial centers, conventions, hotels and more.
Of course, all these plans need the solid capital backing. And the amount of money that URWork has raised so far is astonishing. KCC’s investment comes in less than two months after the latest round from Aikang in July as a new addition to the company’s funding frenzy which has far exceeded the billion RMB-level.
Founded in 2015 by Mao Daqing, a former executive of real estate conglomerate Vanke, URWork runs over 100 locations across 30 cities that include Singapore, London, and New York City.