Hillhouse Capital and General Atlantic co-led the round
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.”