Ucommune confirms RMB 300 million acquisition of Workingdom, signals there is more to come

While the sharing economy mania is cooling down in the bike rental industry with ofo retreating from India and Australia, the field of co-working is seeing some ambitious moves. Ucommune (previously UrWork), China’s leading co-working space and startup community service provider, announced today an RMB 300 million ($45 million) acquisition of Shanghai-based co-working company Workingdom.

The acquisition is not Ucommune’s first one in 2018—the company is currently on a spending spree which is set to continue for the entire year. In January, Ucommnue confirmed its 100% stake acquisition of co-working service provider New Space. In March, Ucommune announced to have acquired Chinese co-working space Woo Space. During the same month, the company acquired Wedo Union, a community-based co-working and incubation enterprise that received Ucommune’s financing in 2017. Wedo Union received the title National Innovation Space (众创空间) from the city of Beijing. 

According to Ucommune, more acquisitions are in process but details are yet to be released. The company ambitious moves are considered as an attempt to aggressively grab the market and consolidate as the leader in China’s co-working industry.

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