UrWork inks joint venture partnership with co-working peer Fountown

Consolidation in China’s shared space industry continues as Chinese co-working unicorn UrWork today announced its strategic joint venture partnership with its Shanghai rival Fountown to extend their footprint into Asia and to reinforce community support.

The partnership between the two companies takes the form of an equity-swap, which will see both parties co-operating with each other on locations, membership system, vertical integration of resources across the value chain, as well as the export of technology, management, and expertise, according to a company statement. The announcement did not specify details of the deal.

Fountown, founded on 20 April 2015, is one of the top players in China’s shared space vertical with operations in 25 locations, supplying 20,000 workstations in Shanghai, Beijing, and Chengdu. The current partnership would effectively combine the strength between Fountown and UrWork, which now operates 100 locations in 30 cities in China with total aggregated space of 300,000 sq.m.

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