WeWork China Rival Raises $120 Million in Hillhouse-Backed Round —Bloomberg

What happened: Chinese coworking startup MyDreamPlus raised $120 million Series C funding round led by Hillhouse Capital and General Atlantic. The funding will be used for expansion in Beijing, Shanghai, Chengdu, Xi’an, and Hangzhou.

Why it’s important: Just last week, one of the major players in China’s coworking arena WeWork announced a $1 billion investment from SoftBank. WeWork has been aggressively expanding to China where it faces a strong local player UCOMMUNE (formerly UrWork). UCOMMUNE has taken a different approach to expansion by purchasing smaller players including Workingdom. The new funding round for MyDreamPlus shows that there are more opportunities for growth in China’s coworking industry.

Masha Borak is a technology reporter based in Beijing. Write to her at masha.borak [at] technode.com. Pitches with the word "disruptive" will be ignored. Read a good book - learn some more adjectives. More by Masha Borak

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