Internet company Tencent Holdings has taken part in a RMB80m ($12m) series A round for China-based car parking app Parkbees, China Money Network reported yesterday.
Shenzen Cowin Venture Capital Investments, Wang Jin-Wen buyout fund and Kun Ding car networking industry fund also took part, according to a statement by Parkbees.
The company’s app has been operational for around a year, allowing users to find available parking spaces on the street and in car parks.
Parkbees plans to use the funding to add more than 2,000 parking facilities across China to its platform, as well as adding electric car charging stations.