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Ucommune to raise funds ahead of any IPO: founder
Posted on Wednesday, 16 May 2018 09:34
Ucommune is not ruling out listing in Hong Kong or Shanghai but may need a couple more financing rounds before locking in a specific date, the founder of the fast-growing co-working space provider told Forbes. In an interview with the business magazine, Mao Daqing, an architect by training, noted: “Mainland China is an important choice because there are good policies for so-called science and technology service unicorn companies." A move into the capital markets is still a little way off as first on the agenda is raising fresh funding, despite closing an equity round in February which valued the flexible office operator at USD 1.70 billion. Daqing told Forbes he is already in talks to rope in another USD 200.00 million from roughly 15 international investors to bankroll expansion in 40 locations in the mainland to become the leader in the Southeast Asia market. "The next wave of development, we're targeting major cities along the Belt and Road," such as Singapore, Jakarta, Bangkok, Hanoi, Taipei, Kuala Lumpur and Macau, the chief executive, who has a 25.0 per cent stake in the company, added. Founded in 2015, Ucommune claims to be a leading co-working space provider in China, offering long-term leasing, hot desk and corporate-customisation options and professional services across a broad spectrum for small-to-medium enterprises. As of March 2017, the group had over 160 locations in more than 35 cities globally, including but limited to New York, Los Angeles, Beijing, Taiwan, Hongkong and Shanghai, servicing 6,000+ enterprises, 100,000 individual members in total. Backed by investors such as Sequoia Capital, Zhen Fund, Noah Wealth Management, Sinovation Ventures, Ucommune acquired rival Woo Space in March, just two months after buying New Space. According to the statement in March, the co-working space sector has been growing at a year-to-year rate of 30.0 per cent recently. It is estimated that by 2019, the total operating area of such properties in China will reach 51.00 million square meters and by 2030 30.0 per cent of office space will exist in the form of co-working areas. © Zephus Ltd