New Economy Forum
WeWork China Rival Raises $120 Million in Hillhouse-Backed Round
- MyDreamPlus plans initial public offering in about 3 years
- Company adding 100,000 sqare meters of space each quarter
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Beijing MyDreamPlus Technology Co. Ltd. raised $120 million in a funding round led by Hillhouse Capital and General Atlantic as competition in China’s co-working market heats up.
The money will be used to fuel expansion as the three-year-old startup targets more than doubling its floor space in the next 12 months. The financing comes just weeks after the Chinese unit of WeWork Cos. said it was raising $500 million to boost growth in the country. MyDreamPlus plans an initial public offering in about three years and declined to disclose its valuation.