MyDreamPlus has growth on the horizon

MyDreamPlus Co Ltd, a leading co-working space provider in China, will accelerate business expansion in Chinese major cities, aiming to grow its scale, coverage and volume, according to the company's top management on Tuesday.

Earlier this month, the company finished a $120 million C-round of financing led by General Atlantic Group and Hillhouse Capital Group, the biggest single financing round for the co-working and office service industry in China.

"The company has become the biggest co-working space provider in Beijing and Chengdu," said Wang Xiaolu, a co-founder of MyDreamPlus. "Our next step is to accelerate strategic layout in major cities like Shanghai, Hangzhou and Nanjing."

The company will focus on expanding layout in first-tier and new first-tier cities, improving business coverage in core districts and lifting overall business volume in the second half of 2018, Wang said. "MyDreamPlus has seen rapid growth in the first half of 2018," he said. "We received a contract area of 150,000 square meters in May 2018, equal to three times the company's total operating area before 2018."

The company aims at becoming an integrated office service brand that focuses on providing shared office service, enterprise office service and consumption-oriented office service, said Wen Mengfei, another co-founder.

According to Wen, the company's target customers in 2015 and 2016 were mainly small enterprises.

In 2017 and 2018, however, the company started to target more mid-sized and large enterprises as clients, including Baidu and Oppo, he said. "A key distinction between MyDreamPlus and WeWork is the former's clients include more large enterprises," said Zhang Yang, executive director of General Atlantic. "Therefore, we are confident it will succeed in providing localized co-working services."

Fan Hang contributed to this story