China’s co-working giant Ucommune has finalised the acquisition of co-working space Fountown, its seventh company acquired this year. The company is already Asia’s largest coworking entity, with WeWork as its fiercest rival.
Ucommune will fully merge with Fountown’s 26 co-working spaces in Shanghai and Beijing under the agreement. Beijing-based investment firm CEC Capital served as the exclusive financial advisor to Ucommune during the deal.
Ucommune was valued at USD 1.8 billion after raising USD 43.5 million in Series C funding round in August, and continued its rapid expansion to counter its rival WeWork.