Tencent Joins $12M Series A Round In Parking App Parkbees

Parkbees, a Shenzhen-based start-up operating car parking apps and other services, has completed a RMB80 million (US$12 million) series A round of financing from Tencent Holdings Ltd., Shenzhen Co-win Venture Capital Investment Ltd. and other investors, according to an announcement (in Chinese).

The company says it plans to use the proceeds to expand its network across China, setting up six operational centers and ten offices this year.

It hopes to incorporate over 2,000 parking facilities in China to its mobile apps, in order to help users find parking space more efficiently.

Parkbees also plans to provide services to allow users find electric vehicle charging stations in cities.

Currently, the company’s apps let users find free curbside parking spots and in parking garages.

The apps have been in operation for around one year, says the statement.

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