Business

Wanda's Ffan.com Leads $230M Series B Financing for Smart Parking App ETCP

By | Oct 17, 2016 02:36 AM EDT
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Ffan.com, an e-commerce subsidiary of Dalian Wanda Group, has led a 1.55 billion yuan ($230 million) series B funding round for Chinese smart parking mobile app operator ETCP.

Ffan.com, an e-commerce subsidiary of Dalian Wanda Group, has led a 1.55 billion yuan ($230 million) series B funding round for Chinese smart parking mobile app operator ETCP.(Photo : YouTube Screenshot)

Ffan.com, an e-commerce subsidiary of Dalian Wanda Group, has led a 1.55 billion yuan ($230 million) series B funding round for Chinese smart parking mobile app operator ETCP, the China Money Network reported.

The agreement, which claims to be the biggest financial deal in the industry, follows after the two companies announced in August that all of Wanda's shopping mall will install ETC's smart parking app to enhance customer experience.

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ETCP is a smart parking app based on big data and cloud computing. Using this app, users are able to look, reserve, and pay online for parking spaces in real time, Deal Street Asia noted.

Last year, the startup received $50 million series A round from BitAuto.com, SourceCode Capital, and Matrix Partners in China.

The app is currently operating across 10 Chinese cities including Beijing, Guangzhou, Shanghai, and Shenzhen. It has collaborated with more than 5,000 parking spaces in shopping malls, offices, residential areas, and transportation hubs.

Currently, ETCP has several million registered users. It claims that the number will increase to tens of millions over the next two years.

Meanwhile, just last month, Dalian Wanda Group was in preliminary talks to purchase Dick Clark Productions for $1 billion. Although talks are still at an early stage, The Wall Street Journals noted that there remains a valuation gap between the two companies.

In an interview with Reuters, China's richest man Wang Jianlin vocally said he targets to own all Hollywood firms and take their technology home to China.

"We are interested not only in Paramount, but all of them. If one of the Big Six would be willing to be sold to us, we would be interested."

 

 

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