China-based advertising space operator XinChao Media Group raised almost RMB1bn ($142m) yesterday in a funding round led by e-commerce firm JD.com.
XinChao’s service enables companies and brands to place adverts on LED screens fitted in more than 700,000 lifts across more than 1,000 cities in China. The deal is intended to help JD.com expand its offline marketing efforts.
The round comes after internet group Baidu made a $302m investment in XinChao in November 2018 as part of an agreement whereby the company would join Baidu Juping, the advertising network operated by Baidu.
XinChao said on its website that, following the Baidu investment, it had raised than $860m in total, having received funding from investors including furniture retailer Red Star Macalline, Source Code Capital, Yuan Zhen Capital and Hangzhou Jintou.
The company had raised $145m in May 2017, adding to $9.7m it received in 2014, according to local media reports. It went on to raise a further $317m from Chengdu High-tech Zone Industrial Guidance Fund in April 2018.