Beijing-based office rental and co-working community operator URwork Venture Investment recently announced that it has merged with Beijing-based Hezuo Gongchuang Office Services, operator of co-working office space rental brand Woo Space. Following the merger, URwork is now valued at nearly RMB 11 bln. URWork previously participated in Woo Space's Series A funding round through strategic equity partnership arrangements.
Woo Space was established in February 2015 as a shared office space brand. Its operations are concentrated in the Beijing market and it is also active in Shanghai and Tianjin. The company's founding team members are all young returning graduates of overseas universities. Woo Space completed nearly RMB 100 mln in Series A+ funding in March 2017. It currently operates 23 co-working spaces throughout China with a total of nearly 100,000 square meters of floor space, and serves more than 700 enterprises.
Following the merger, the two companies plan to focus on platform upgrades including integrating their membership systems, supporting coordination and exchange between their member enterprises, integrating enterprise service resources, and standardizing community operations and services. They will also explore introducing workspace "new retail" consumption upgrades to develop new industry models.
URwork and Woo Space have more than 200,000 total members following the merger.
Editor's Note: For more information on UCommune, please see Co-working Space UCommune Lands Additional RMB 110 Mln Funding , MD 2/12/18 issue.