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MyDreamPlus raises $120M Series C

Hillhouse Capital and General Atlantic co-led the round

MyDreamPlus founders Mengfei Wen, Wenlei Li, and Xiaolu Wang (Credit: Mingtiandi)

Chinese co-working startup MyDreamPlus has raised $120 million in a Series C round led by Hillhouse Capital and General Atlantic. The fresh round of funding values the startup at around $500 million, according to the FT

Expansion plans: The company will use the money to expand their presence in Beijing, Shanghai, Chengdu, Hangzhou and Xi’an.

WeWork lurks… Just last month, WeWork’s Chinese subsidiary raised $500 million in a Series B round to further accelerate its expansion. Investors included Trustbridge Partners, Temasek, SoftBank, and Hony Capital. 

Fundraising is a necessity, not a luxury… Bill Gurley of Benchmark Capital: “If your competitor is going to raise $150 million and you want to be conservative and only raise $20 million, you’re going to get run over.”

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