Weiying Technology, the China-based operator of cinema and event ticketing app Wepiao, has raised RMB4.5bn ($693m) in a series C+ round led by gaming company Dalian Zeus Entertainment, China Money Network reported today.
The round also included internet company Tencent, mobile game publisher iDreamSky, CMC Holdings, Ocean Capital Group and China Everbright, which took part through its Everbright Financial Holding Asset Management subsidiary, according to local media reports.
Founded by Tencent, growth equity firm Bison Capital and the state-sponsored China Culture Industry Investment Fund in 2014, Wepiao is an app-based service that sells tickets for more than 4,500 Chinese cinemas as well as around 1,200 theatres, stadiums and exhibition venues.
Weiying merged with competitor Gewara in December 2015 to form a business that held a 30% share of China’s cinema ticket market, behind only Maoyan, a subsidiary of online services group China Internet Plus.
Significantly, Maoyan announced plans earlier this month to enter the film production business, and with Tencent rival Alibaba already owning film studio Alibaba Pictures, it will be interesting to see if Weiying follows suit.
Weiying did spin out its sports ticketing service, Weisai Sports, in November 2015 with an undisclosed amount of funding from Tencent, CMC Holdings, Beijing Cultural Assets Chinese Anci Films & Television Fund and Legend Capital, which acts as a subsidiary of conglomerate Legend Holdings.
The latest funding, raised at a $2bn valuation, follows a $235m series C round in November that valued Weiying at $1.56bn, and which featured Tencent, property-focused conglomerate Dalian Wanda Group, GGV Capital and Beijing Cultural Assets Fund, which led the round.
Weiying had already secured $105m in an April 2015 series B round backed by Tencent, Wanda, trading group Shanghai Gangtai Group, Wenzi Huasha, Shandong Luxin Investment Holdings Group and eCapital.