WeWork stops URWork in New York – China’s latest business and technology news

Business & Technology

A summary of the top news in Chinese business and technology for October 5, 2017. Part of the daily SupChina newsletter, a convenient package of China’s business, political, and cultural news delivered to your inbox for free. Subscribe here.

People use an escalator outside the headquarters of ChemChina (China National Chemical Corporation) in Beijing, China, February 4, 2005. REUTERS/Stringer/File Photo

URWork is China’s biggest startup doing coworking spaces: the easy-to-rent, short-term office service that is currently a flavor of the month for many tech investors. Founded in 2015, the company has so far received $343.72 million in five rounds from 14 investors, according to Crunchbase.

URWork had plans to open its first building in New York City in January 2018, but those plans are now on hold after American coworking space giant WeWork sued for trademark infringement. Founded in 2011, WeWork has taken $8.85 billion in 12 rounds from 14 investors, according to Crunchbase.

Bloomberg reports that a judge ruled “that Serendipity Labs, a co-working company that is partnering with UrWork to open the new location, can’t use UrWork’s name anywhere outside of China on places such as its website, office, or promotional materials.”