China-based wifi network operator WiWide has raised $49m in a series C round that included online portal Tencent and local reviews listings portal Dianping, Technode reported yesterday.
Smartphone manufacturer Xiaomi led WiWide’s series B round last year, which raised an undisclosed amount. WiWide’s series A round, led by Greenwoods Investment in 2012, reportedly raised RMB 10m ($1.6m).
WiWide supplies wifi networks to more than 500 franchises in China and abroad, with more than 30,000 hotspots installed at franchises including coffee retailer Starbucks, fast food chain Burger King and a range of airports.
Since March 2014, the company has been working with Tencent to integrate its services into the latter’s WeChat mobile app in order to let users connect to a business’s hotspot by following its WeChat account.
Tencent reportedly acquired a 20% stake in Dianping in February this year for an undisclosed amount at a valuation of $1.8bn to $2bn.