MyDreamPlus Technology, a prominent competitor to WeWork in providing shared office space in China, has raised $120m from a group of investors including Hillhouse Capital, the Beijing and Hong Kong-based investment firm, and New York-based private equity firm General Atlantic.
The deal gives MyDreamPlus a valuation of about $500m, or about one-tenth that of the China business of its rival, according to one investor in the transaction.
The investment follows a Rmb300m ($44m) round of financing from a group of domestic investors in March. WeWork last week raised $1bn from Masayoshi Son’s SoftBank.
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