Ucommune merges with Woo Space

/ EdgeProp
March 14, 2018 7:42 PM SGT
Chinese co-working operators Ucommune and Woo Space announced their merger on March 13. This involves Ucommune buying the latter, which has 23 locations in China occupying a total area of 1.08 million sq m, and more than 700 member enterprises.
This will bring Ucommune’s valuation to US$1.7 billion ($2.23 billion), and increase its count of individual members to an estimated 200,000.
Founded in 2015, Woo Space’s investors include US-China venture capital firm Matrixpartners China. Besides integrating the membership systems of both operators, the post-merger strategy will also focus on platform upgrading, according to Ucommune.
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Wan Liushuo, founder and CEO of Woo Space and Mao Daqing, founder and CEO of Ucommune (Credit: Ucommune)