Ucommune Joins XCGT in TechNode's Pre-B Fundraising

TechNode, based in Beijing, seeks to bridge international companies with Chinese innovation through media, branding and data-sourcing.

Author: Belinda Zhou   

TechNode announced the closing of a pre-B round of financing, in which it said it raised "tens of millions" in yuan from two Chinese companies. 

The company said participating in the round were Ucommune, China's WeWork, and XCGT Holding Group, a Hangzhou-based investment firm connected to the government of Zhejiang Province.

The Beijing-based technology and innovation media platform did not disclose the full amount of the deal.

"This new round of funding will put TechNode on the list of China's top technology platforms," the company said in a statement on Tuesday.

TechNode reports on startups and tech happenings in China and Asia, providing content in English, Chinese, Spanish and Russian language, with more than 40 percent overseas subscriptions. Among its partners, it lists CITIC Group, Fung Group, BMW China, Merck Group and Unilever.

"The strategic partnership between Ucommune and TechNode will diversify our space offerings and accelerate the interconnectedness and innovation between domestic and international entrepreneurs, " Daqing Mao, the founder and chairman of Ucommune, said in the announcement.

Ucommune is reportedly planning to raise between $100 million and $200 million in its initial public offering in New York next year, according to various media. Mao is the grandson of Ziyao Mao, an architect who helped design Beijing's Great Hall of the People, according to public reports. Overall, the Beijing-based company said its network now covers 40 cities, connecting 1,105 businesses including Alibaba Cloud. 

TechNode said it plans to use the capital from this round of financing to boost "its global outreach with international technology innovation as its core strategy, as well as accelerating the expansion of its international influence through media, branding, and data-sourcing."

It added that the company is "committed to becoming the number one innovation platform connecting international companies with Chinese innovation."

In 2018, TechNode expanded its core offerings to include six business units TN Media, TN Inno of corporate innovation services, TN Global, TN Events of branding and event services, TN Data of startup ecosystem database and TN VC of venture capital and financing services.