China: Dalian Wanda unit closes $230m series B in smart parking app ETCP

Reuters photo

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.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.