Chinese investment firm CMC Capital has invested Rmb100 million ($14.47 million) in the Series B funding round of Neobio Family Park, a Hangzhou-based operator of parent-child activity centers in China, the firm said in an announcement.
Founded in 2015, Neobio’s indoor parks emphasise on parent-child interaction, with a range of fantasy-filled themes and activities. The centres are aimed at children aged 1-10 years, with activities such as game simulation, cooking, and reading.
Neobio develops and operates 4,000 to 8,000 sq m indoor entertainment and leisure parks. It currently operates two indoor parks in Shanghai and Hangzhou, with plans to open three new parks in Nanjing and Shanghai.
The latest funding round brings Neobio’s total funding amount to $17.4 million. The company raised about $3 million in its Series A funding round in December 2018.
The company’s existing investors include private equity fund management firm Tangzhu Capital and investment firm Shanghai Broad Resources Investment Management.
CMC Capital is a media sector focused alternative investment management company headquartered in Shanghai. The firm is focused on growth capital, corporate restructuring, and MBO/privatization financing opportunities; targeting companies with enterprise value between Rmb300 million to Rmb2 billion.
The firm, founded in 2009, invests in target firms and outside China. Its head office is based in Shanghai, with additional offices in Beijing and Hong Kong.
In 2017, the firm closed its second US dollar-denominated fund at a hard cap of $600 million.
The close of the fund comes at a time as marketing and media trends increasingly emphasise the centrality of digital media in China with traditional media growth witnessing a slowdown.
Digital media is reportedly posting growth of 21.9 per cent year on year, with the overall market growth rate being approximately 7.8 per cent.