Chinese co-working firm UrWork has raised $178 million in pre-C funding.
The founding round was led by Beijing Capital, Star Group, Beijing Aikang Group and Prosperity Holdings.
The firm, which recently announced plans to open its first location at 28 Liberty Street in the Financial District, plans to use the funds for further expansion overseas and technology upgrades.
“The pre-C round funding cements UrWork’s position as the leading co-working space provider in Asia,” said UrWork founder and CEO Mao Daqing.
“It will help further strengthen our core verticals and will see a series of facility and service upgrading at UrWork that sets us apart from other contenders,” Mao said.
UrWork, which is based in Beijing, has backing from investors such as Sequoia Capital, Noah Wealth Management and Sinovation Ventures. The firm was recently valued at $1.5 billion.
Last month, the company announced that it is partnering with Serendipity Labs for its first New York City location. It currently has 88 branches in 22 cities, and has plans to open another 160 locations in 32 cities.
The planned locations are set to open in metropolitan areas such as New York, Los Angeles and San Francisco over the next three years.
Once UrWork’s expansion is complete, it expects to have a portfolio covering seven million square feet.