KR Space Wants $200 Million To Expand: Hints Towards Going Global
KR Space, a budding company in the realm of coworking spaces, has announced that it wants to raise $200 million in order to expand fully. According to the company, it doesn’t want any less than $200 million in its new funding phase. KR Space is currently competing with China’s WeWork and for that, it needs all the funds that it can raise.
KR Space is more like a spinoff of 36Kr, a similar coworking space backed by tech mogul Alibaba. The company announced that it will be using further funds to expand its operations even more. The news was revealed to Bloomberg, where it was revealed that KR Space wants to make sure that it attains a valuation of $1.3 billion after it is done with raising funds.
KR Space, a flexible space operator, also said that it is thinking about merging with other big giants or competitors in the industry. However, when asked to comment, KR Space did not.
If we look at KR Space, we can say that it is trying to make sure that it competes and goes hand in hand with its Chinese rival WeWork. In fact, we feel and realize that the company is striving really hard to become and act like its rival. In a move to go head to head with its rival, KR Space has now embarked on a rapid expansion spree so that it can rival with WeWork.
During the early days of the month, Sean Qian, the Vice President of the company, said that the company intends and aims to become a global co-working space operator. While commenting further, he said, “We hope that we can attain the same level as WeWork in the coming 2-3 years”. These are direct comments by a Vice President of a company, hinting towards the fact that they are competing with no one but their rival and are making it clear that they reduce their difference gap to zero.
WeWork, on the other hand, has announced many plans to open its centers throughout different parts of China including Shanghai and Beijing. It is being revealed that 12 new centers will be opened by the company in the time to come. They will also start operating in different areas in China including Lujiazui Financial District, Bund Area Shanghai and others.
While KR Space is operating domestically at the moment, the new funds are being expected to help the company’s international profile as well. Liu Chengcheng, the co-founder of the company, while talking to the press last month said that the company has emerging plans of launching itself in the international market in the years to come. He expressed desire regarding establishing the company as a leader in China in the next three years to come and also showed interest in expanding KR Space’s offices across different cities throughout the world.
KR Space is currently an emerging name in the industry but still has a long way to go.