Ffan.com, an e-commerce unit of Dalian Wanda Group, led a $230 million (RMB1.55 billion) series B funding round in China-based smart parking mobile app operator ETCP.
Dalian Wanda claims it is the largest financing deal in the sector, the China Money Network reported.
ETCP develops a smart parking app via big data and cloud computing, enabling users to search and reserve parking space in real time, as well as do automatic online payment.
Wanda disclosed the latest investment two months after Ffan.com and ETCP entered into a strategic partnership agreement to integrate ETCP’s smart parking app in Wanda’s shopping malls.
In 2015, the Beijing-based start-up raised $50 million in a series A round from BitAuto.com, SourceCode Capital and Matrix Partners China.
ETCP claims its mobile app has several million registered users, and expects to reach tens of millions in the next two years.
Founded in 2012, ETCP made several partnerships and now covers over 5,000 parking garages in shopping malls, office buildings, residential buildings and transportation hubs in 10 cities, including Beijing, Shanghai, Guangzhou and Shenzhen.