The new investment adds to URWork’s six rounds of funding totaling RMB 1.2 billion ($175 million) and one merger since its inception in April 2015.
According to founder Mao Daqing, a former executive at Chinese real estate conglomerate Vanke Co., Ltd., URWork’s annual revenue is at around RMB 400 million ($58.5 million), of which 75% comes from office space rental.
“These are just the revenues that are tangible, but there is a lot of hidden money,” says Mao in an interview with local media (in Chinese). Mao is referring to the 25% revenue generated from its value-added offerings such as financial services, human resources, and healthcare, which will be enhanced by its new strategic investment partnership from Aikang.
URWork currently serves 2,400 companies in 24 cities across China and started its overseas expansion in the second half of 2016, opening locations in Singapore, London, Taiwan and New York City, an already crowded market dominated by its American competitor WeWork.