Beijing-based Chinese business wifi service provider WiWide Inc. has completed RMB300 million (US$49 million) series C financing from Tencent Holdings Limited and Shanghai-based Yelp-like review website Dianping.com, according to an announcement posted on the company’s official Weibo account.
The company’s management team will remain the largest shareholder after this round of financing, says the statement.
Tencent and Dianping plan to initiate a series of cooperation with WiWide on service and content offerings.
Founded in 2007, WiWide received RMB10 million series A financing from Greenwoods Asset Management in 2012. The next year, it received an undisclosed series B round of financing from Chinese smartphone maker Xiaomi Inc.
The company provides business wifi services to coffee shops, restaurant chains and at airports. Its wifi services are used by one million users daily across over 30,000 retail locations in China.