MyDreamPlus, one of China's leading co-working space brands, completed a new funding round of $120 million on Monday, a move to further expand into first-tier cities and upgrade its smart office spaces.

It is the largest-ever amount of fundraising in China's co-working space industry. The company said this series C financing will support its future growth, and help consolidate its leading position in the industry.

"This round of financing will further support MyDreamPlus' expansion into the first-tier cities in which it already operates, such as Beijing and Shanghai, as well as into new first-tier markets, including Chengdu, Hangzhou, and Xi'an," the company said in a statement.

"It also will allow the company to increase investment into research and development, and upgrade its smart office spaces," it said.

Since its establishment in 2015, MyDreamPlus has focused on building an office as a service system, which integrates space design, smart office management and community operation. In March, MyDreamPlus completed its series B financing of 300 million yuan.

So far, it operates about 300,000 square meters of floor space across nearly 40 office units and properties in the core business districts of Beijing, Chengdu, Shanghai, Hangzhou and Xi'an.

This new round of investment was led by Hillhouse Capital and General Atlantic. Existing investors including JOY Capital, Ocean Link, M31 Management Fund of Giant Network Group, and K2VC also participated in this round. TH Capital acted as the sole financial advisor.

"MyDreamPlus' bespoke solution has helped companies, ranging from start-ups right up to large and medium-sized enterprises, to address their major demands in office spaces," said Hillhouse Capital, a lead investor in the new round of funding. "The company has the opportunity to use an innovative platform to further expand its scale, and support the upgrade of the broader co-working spaces and workspace service industry.”

Eric Zhang, managing director and head of China at General Atlantic, agreed.

"MyDreamPlus has a unique service-oriented offering that has been developed through the combined use of data-driven intelligence and design…There is a significant opportunity for it to continue to grow in the domestic co-working space and workspace market," he said.