Office-sharing venture on track to become 'unicorn' company

A Chinese office-sharing venture has raised 400-million-yuan ($58 million) for the next stage of its expansion.

UR Work, one of China's biggest office-sharing businesses, announced on Wednesday that it has completed its series B round of financing.

A few well-known Chinese investors contributed funds including Tianhong Asset Management, Junfa Real Estate，Shanghai Chuanghehui Fund, Tianming Shuangchuang Technology and Dahong Group.

After the latest round of financing, the Beijing-based company is expected to be valued at nearly 7 billion yuan, making it the first office-sharing "unicorn company" in China.

The "unicorn" label is given to private companies worth at least $1 billion.

Established in 2015, the company has completed six rounds of funding so far, raising billions of yuan. The company provides a range of services and resources, such as co-working spaces, targeting startups and small firms.

Mao Daqing, founder of UR Work and former vice-president of real estate giant China Vanke, said in an earlier interview with China Daily that the company planned to increase the number of sites to 60 in 2017, from 40 across 10 cities by the end of 2016.

Contact the writer at ouyangshijia@chinadaily.com.cn