Dalian Wanda Group’s e-commerce platform Ffan.com has led a RMB1.55 billion (US$230 million) series B funding round in Chinese smart parking mobile app operator ETCP in what the company claims to be the largest financing deal in the sector.
The revelation of the investment follows a strategic partnership agreement announced by the two companies in August, when Efan.com said that all of Wanda’s shopping malls plan to integrate ETCP’s smart parking app to give customers better experiences.
Founded in 2012, Beijing-based ETCP develops a smart parking app based on big data and cloud computing, which allows users to search and reserve parking space in real time, as well as make automatic online payment.
In 2015, the start-up received US$50 million series A round from BitAuto.com, SourceCode Capital and Matrix Partners China.
ETCP currently operates in ten cities including Beijing, Shanghai, Guangzhou and Shenzhen via partnerships with over 5,000 parking garages in shopping malls, office buildings, residential buildings and transportation hubs.
It’s mobile app has several million registered users, the company says, and will reach tens of millions of users in the next two years.