Parking management startup Sunsea Parking secures USD 227M led by US-based Warburg Pincus, & more

Parking management startup Sunsea Parking receives USD 227M for Series A

Sunsea Parking

Founder: Yan Liang

Founded in: 2006

Financing status: RMB 1.5 billion (USD 227 million) for Series A financing in 2017

Parking management startup, Sunsea Parking, received USD 227 million for Series A on November 29 for market expansions.

China’s car ownership reached 190 million in 2016 with an 11 percent increase over the previous year, only second to the United States. That number is expected to surge by eight percent every year to reach 280 million by 2021. According to the National Development and Reform Commission, at present, we need more than 50 million parking spaces in China to balance the cars and parking demands. The lack of parking lots and the growing number of cars has become a severe problem in China, which also opens up new opportunities for the parking industry.

Sunsea Parking is a parking management startup that provides services for the entire value chain of parking management, including urban parking, parking lot planning and design, intelligent parking business, operation, investment and construction.

Founded in 2016 in Beijing, Sunsea Parking’s parking management services cover over 40 cities in China. The company operates more than 200 parking lots, with over 200,000 parking spaces available under its management. The company expects to operates one million parking spaces in the future.

This new financing round was led by Warburg Pincus, with Red Star Macalline Group, a leading domestic company for household items and a portfolio company of Warburg Pincus, participating as investors. Meanwhile, Red Star Macalline will grant the operational rights for its parking lots in its over 200 furniture and shopping malls to Sunsea Parking in the future. The capital will be used to set up more parking lots, and acquire new technologies to facilitate its management efficiency.

Photo from Baidu Images.

Power bank sharing startup Futejia receives USD 45M for Series A


Founder: Ding Minglei

Founded in: 2017

Financing status: RMB 300 million (USD 45 million) for Series A financing in 2017

Power bank sharing startup, Futejia, received USD 45 million for Series A on November 28 to further invest in the R&D of new products.

Futejia is a power bank sharing startup that deploys power bank rental machines in various scenes, such as airports, railway stations, night clubs, and scenic spots, among others. Meanwhile, it sets different charging standards for these scenes. For example, it charges RMB 5 per hour in scenic spots, RMB 2 per hour in night clubs.

Founded in 2017 in Shanghai, the company has attracted over 300,000 users. The monthly turnover exceeds RMB two million (USD 30K), 70% from power bank rental services, and 30% revenue from advertisement. Additionally, it specializes in customizing promotional strategies based on different scenes, acquiring partners from different cities, supporting them with standardized training and other resources, such as big data support, classic case sharing, strategic planning, copywriting design, material distribution, and so on. By now, Futejia’s power bank sharing services have covered more than 100 cities, with over 10,000 power banks available for services.

This Series A financing round was from a group of investors, including a government fund from Yancheng and Jiafei Capital. The company plans to use the funds to acquire more partners in new cities to promote its power bank sharing services, as well as invest in the research and development of new power bank products.

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Kaikai Shi

Kaikai Shi writes for us. He holds a bachelor's degree in Biotechnology at Zhejiang University. His interests are in new technology and reading. Kai believes that new technology will change the world we live in, and is trying to engage himself in this process.

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