Tianjin Changda Advertising, a China-based advertising distributor backed by media company Shenzhen Press Group, has secured CNY 100m ($16.1m) in series A funding, China Money Network reported yesterday.
Tianjin Changda, which holds the exclusive rights to sell advertising on China’s high-speed rail network, received the money from Shenzhen Huixinquan Capital.
Shenzhen Press Group, together with private equity and venture capital firm China Media Capital, invested an undisclosed amount in Tianjin Changda in January 2015.
Tianjin Changda intends to spend the funding on enhancing the on board wi-fi side of its business, which also includes LED screens and print advertising. It has also begun preparations for an initial public offering.