Kr Space raised $145m in funding led by IDG Capital.

Chinese co-working space Kr Space, the Beijing-based startup that competes with WeWork in China, raised CNY1bn ($145m) in a new funding round, led by existing investor IDG Capital, with the participation of new backers Gopher Asset Management and Yixing Capital. The proceeds will be used to pursue a new business strategy to achieve the goal of becoming “a full life-cycle enterprise office service provider.”