Kr Space said March 5 that it raised 600 million china yuan ($94.6 million) in a funding round. Kr Space, of Beijing, is a benchmark co-working space company. Kr Space did not disclose investors.
BEIJING, March 5, 2018 /PRNewswire/ — Kr Space, China’s benchmark co-working space company, raised 600 million CNY in a new round of funding this February. It’s the biggest single cash investment in China’s co-working space industry. Kr Space is accelerating the portfolio expansion with a commitment of 300,000 sqm by the end of 2018.
The company took up nearly 120,000 sqm of office space in China’s first-tier cities during the past 3 months. It secured 14 sites in different office buildings in the core areas of Beijing and Shanghai, for example, Beijing Financial Street, Beijing Wangfujing, and Shanghai Lujiazui – Century Link Tower, the landmark building of Lujiazui area in Pudong District Shanghai.
China’s co-working dynamo Kr Space perfectly demonstrates the core of shared economy. It cuts rent, raises work space flexibility, and creates networking opportunities. Lower rents and value-added services enable start-ups, small and medium businesses to work in premium office buildings in CBD areas. Kr Space President David Zhong said: “By the end of 2018, we aim to illuminate landmarks with Kr Space’s warm lights, not only in mainland China but also Hong Kong, Singapore, Tokyo, and more districts and cities in Asia-Pacific region and across the world.”
In January 2016, Kr Space started to run independently from China’s media and entertainment company 36Kr. Kr Space raised a series A round founded by Colony New Yangtze Fund, followed by China’s famous entrepreneur Fenglun, Unity Ventures and Gobi Partners. The same year, it raised 200 million CNY series plus A round co-led by IDG Capital and Prometheus Capital. In early 2017, Kr Space raised another series plus A round co-led by China Minsheng Investment Management and IDG Capital. In November 2017, Kr Space closed a new round of 600 million CNY.
As the world’s fastest growing economy, China has been the “battlefield” for large local and foreign Internet enterprises. The last decades witnessed Taobao against e-Bay, Google with Baidu, and Uber with Didi Chuxing. Now is the time for Kr space and WeWork.
SOURCE Kr Space