Co-working giant Ucommune acquired competitor Fountown.
The amount of the deal was not disclosed.
This is the 5th acquisition of Ucommune this year following Wedo, Workingdom, Woo Space and New Space.
This purchase adds 26 communities in Beijing and Shanghai making ucommune the largest coworking brand in Asia in terms of space, number of communities and number of members. After the acquisition, the company will have over 200 communities in 37 cities, empowering over 100,000 indivuals and over 15,000 corporate members.
Dr. Mao Daqing, founder and chairman, ucommune is a co-working space leader and integrated service solution provider covering over 200 locations in over 37 cities globally, including Singapore, New York, Beijing, Taipei, Hong Kong, and Shanghai. It serves over 15,000 enterprises and over 100,000 individual members. Members include Liulishuo, KEEP, Logic Thinking, JoyRun, ByteDance, Kuaishou, Tiktok, Bilibili, zhiguagua, ofo, and mobike.
The company has 88 offices in Beijing and 42 in Shanghai. In Shenzhen alone, the company has 20 offices with 250,000 square metres. It boasts a US$1.8 billion valuation after pre-D round funding.
The acquisition also provides additional space for both SMEs and MNCs to expand their business. Fountown’s internet service platform enhances ucommune’s expertise in overseeing cross-regional business exploration and diversified financial operation capabilities to allow SME and MNC clients to scale up.
FinSMEs
19/10/2018