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This round comes on the heels of a $43.5 million raise in August, which valued UCommune at $1.8 billion. The company is now worth $3 billion, a valuation increase of 66 percent in just three months. According to Crunchbase, the company has raised a known total of just over $650 million since its inception in 2015.
UCommune has been on a market-grabbing acquisition spree in China, scooping up at least six companies in the coworking space this year alone, per Crunchbase. The startup is likely hoping that those China-based market acquisitions will give it a leg up in its war against WeWork China, which acquired former competitor Naked Hub in April. WeWork China has raised $1 billion of its own from the Softbank Vision Fund and Trustbridge Partners, among others.
UCommune will reportedly use the funds to expand further internationally, doubling down in Asia, and expanding to Europe and the U.S. Outside of the country, UCommune is up against WeWork (proper, if you will), which has as of today, attracted more than $12 billion in funding (inclusive of debt). Still, there are other companies with their own takes on the space. Crunchbase News explored the flexible workplace scene back in August and spoke with two other New York-based startups, Knotel and Convene, that have their alternative takes on the industry.
Illustration Credit: Li Anne Dias