Ucommune
Ucommune （优客工厂）, formerly known as UrWork, is a China-based coworking space provider founded in 2015 by Mao Daqing. It is now the second-largest coworking space provider after WeWork, with properties in three dozen cities around the world.[1] The company is valued at 1.8 billion US dollars. [2]
Business Development History[edit]
Ucommune was founded as UrWork in Beijing, China in 2015. The company changed its name to Ucommune in 2018 following a dispute over the name with another co-working company.[3]
Mao Daqing, Ucommune's founder, left his job as a Senior Vice President at Chinese real estate developer Vanke in 2015 to run Ucommune full-time. By the end of that year, Ucommune hosted 100 companies in its space. That number grew tenfold by the end of 2016.[4] As of 2017, half of Ucommune's 4,000 resident companies were startups. [5]
In March 2018, Ucommune opened its first location in New York City.[6]
In an interview with Forbes magazine, Ucommune founder Mao said that 80% of the company's locations had already turned a profit.[7]
In June 2018, Ucommune expanded its operations in China with a 300 million RMB buyout of rival Workingdom.[8] This followed on the heels of WeWork's April 2018 purchase of Naked Hub, one of the largest coworking space operators in China. [9]
In August 2018, Ucommune announced it would expand into 50 more cities before the end of the year while seeking 200 million dollars in further funding.[10] The same month, Ucommune announced a new partnership with real estate developer RK Properties to improve their offerings and develop community spaces.[11]
Funding and Valuation[edit]
As of August 2018, Ucommune has raised over 450 million dollars in funding over eight rounds,[12] putting its valuation at 1.8 billion dollars. [13] Its investors include many major Chinese venture capital firms as well as Sequoia Capital.[14]
In May 2018, it was reported that Ucommune was mulling a possible initial public offering in Hong Kong. [15]
References[edit]
- ↑ https://www.scmp.com/tech/enterprises/article/2142493/more-consolidation-cards-chinas-co-working-office-space-market
- ↑ http://www.nbc-2.com/story/38877672/chinas-co-working-unicorn-ucommune-completes-us435mn-funding-led-by-prosperity-holdings
- ↑ https://www.bloomberg.com/news/articles/2017-09-29/wework-s-chinese-rival-urwork-blocked-from-using-name-in-u-s
- ↑ https://www.ft.com/content/4ce139f8-a4fd-11e7-b797-b61809486fe2
- ↑ ibid.
- ↑ https://www.reuters.com/article/us-usa-coworking-ucommune-exclusive/exclusive-chinese-coworking-firm-ucommune-seeks-200-million-in-financing-source-idUSKBN1H439W
- ↑ https://www.forbes.com/sites/pamelaambler/2018/05/15/the-architect-behind-chinas-biggest-co-working-empire-eyes-ipo/#694f2cc55aaa
- ↑ https://techcrunch.com/2018/07/16/ucommune-workingdom-acquisition-spree/
- ↑ https://techcrunch.com/2018/04/11/wework-confirms-deal-to-buy-naked-hub-one-of-its-main-competitors-in-china/
- ↑ https://www.bloomberg.com/news/articles/2018-08-14/wework-chinese-rival-in-talks-to-raise-200-million-eyes-ipo
- ↑ https://www.techinasia.com/ucommune-44m-brief
- ↑ https://www.crunchbase.com/organization/urwork#section-funding-rounds
- ↑ https://techcrunch.com/2018/08/13/ucommune-raises-43-5m/
- ↑ http://www.nbc-2.com/story/38877672/chinas-co-working-unicorn-ucommune-completes-us435mn-funding-led-by-prosperity-holdings
- ↑ https://www.scmp.com/tech/start-ups/article/2146513/chinese-co-working-space-provider-ucommune-considering-hong-kong-ipo
Added sources[edit]
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