Warburg-backed Chinese car parking firm Sunsea secures $100m Series B

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Chinese car parking management firm Sunsea Parking has secured $100 million in a Series B round of financing from global investment bank Goldman Sachs’s venture department and Korean PE firm Anchor Equity Partners, according to a company statement on Tuesday.

Chinese new economy-focused investment bank Paradigm Advisors was the advisor for the Series B round.

With the funding, Sunsea expects to expedite the integration of smart parking services and technologies such as Internet of Things (IoT), big data, and AI, it said.

“We will be together to create an efficient and safe smart parking platform which aims to expedite the digitalization of the industry,” said Xinyi Feng, a managing director at Goldman Sachs’s venture department, in the statement.

Sunsea, which claims to be China’s largest parking assets operator, offers its services in over 40 cities in the country. Set up in 2006, the company has been providing intelligent offerings including urban parking advisory, parking lot planning and design, and parking investment. As of December 2020, it managed more than 500,000 parking spaces.

Sunsea has forged partnerships with a slew of marquee real state developers and management groups including Wanke, Wanda, Longfor, and Savills, among others.

In March 2019, Sunsea had teamed up with global car parking and individual mobility giant Indigo Group launching a JV to drive investment in Chinese parking platforms. Sunsea has a 60% stake in the JV, while the latter holds the rest. In addition, Sunsea had also joined hands with Warburg and Alibaba’s Ant investing in Beijing-based internet parking platform TJD Parking in 2018. 

In November 2017, Sunsea Parking had closed a 1.5 billion yuan ($232 million) Series A round led by the US-based PE giant Warburg Pincus with participation from China’s Macalline Furnitures. In 2016, Sunsea had secured its debut angel funding from Merryland Group’s investment arm Hilevel.

The size for China’s parking market crossed 800 billion yuan ($124 billion) in 2020. 

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.