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.