BEIJING, March 27, 2018 /PRNewswire/ -- MyDreamPlus, a leading brand of coworking spaces, officially announced its series B funding, having raised $50 million in capital from Ocean Link, Giant Group, and Joy Capital. The company's continuous success with fund-raising in less than a year is evidence of their strong momentum for growth.
In 2017, the company expanded beyond Beijing and took over nearly 20,000 square meters of space in core business areas in Chengdu. In the past two-plus years, MyDreamPlus has gone from a rapid initiation in Beijing to becoming the undisputed leader of the coworking space industry in Beijing and Chengdu with a total operational space of 100,000 square meters; while keeping healthy profits at all locations.
With the help from this round of funding, MyDreamPlus is accelerating its expansion in the core business areas of Beijing, Shanghai, Guangzhou, and Chengdu. In this March alone, the company signed more than 100,000 square meters of added space in core areas of the four cities. In 2018, this pace is set to continue with a 10-fold increase over 2017.
MyDreamPlus Coworking Space (Chengdu)
The biggest asset of MyDreamPlus lies in its "OaaS (Office as a Service)" system, which incorporates three pillars of development - an independently developed smart office system, a highly standardized and efficient spatial design and implementation system and refined operational products that are continuously improved through big data analytics. The combination of which makes it the only one among its peers that regards and designs office spaces as a service. This has not only enabled an incredible 180% growth in area-effectiveness but has also allowed for reduced marginal costs amid rapid expansion.
According to Tony Jiang, founding partner of Ocean Link -- one of the investors leading this round of funding; "Coworking spaces are a sector with a bright future, but also fierce competition. That's why we did substantial product investigations and data analysis to look for the long-runner in this area. Our conclusion is that, either from the perspective of style, originality, comfort, and standardization of the product or that of single-location returns, MyDreamPlus is the best. The accelerated development of MyDreamPlus this year has validated our judgement."
MyDreamPlus Coworking Space (Beijing)
So far, MyDreamPlus has served over 500 tenant companies and tens of thousands of workers, including China Culture Group, Yidao Yongche, HighTeam, COFCO, DiDi Chuxing, Toutiao, AirAsia, Plateno Group, and Tencent, just to name a few. MyDreamPlus continues to attract companies like these and more through continued product innovations. For example, the launch of the credit-based membership product in 2017, which scored an extraordinary performance in just one year by attracting established companies such as Lenovo, Yonyou, Meituan, and Boon Edam to join.
According to statistics, the overall industry has grown 30% over the past two years, and is expected to account for 30% of the general commercial office market, making it a hundred-billion yuan sector by 2030.
MyDreamPlus was founded in May, 2015, by Mengfei Wen, Wenlei Li and Xiaolu Wang. Its core team is made up of professionals with strong tech, space design and internet backgrounds. On the key to keeping fast development and gaining investment from leading VCs and PEs, the three founders agreed that "Any professional with a deep understanding of the business will know that it is easy to copy an eye-pleasing space, but what is really difficult is to create a real difference, and to embark on a road of sustainable and profitable expansion. We believe that, based on our smart office system and standardized space products, we have full confidence to stay in the lead, with the aim of becoming a standard-shaping force in the sector."
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