China's largest co-working space provider Ucommune has raised 300 million yuan ($43.5 million) in a new round funding, prompting the market valuation to $1.8 billion.

The round was led by Prosperity Holdings, which also led the pre-C round last year in July.

The new round of funding cements Ucommune's position as the absolute co-working space provider in Asia.

Through the strategic investment, Prosperity Holdings will support Ucommune with its further roll-out in South East Asia, as well as developing innovative service products that add more value to the Ucommune members.