Weiying Technology, the China-based developer of a ticket booking app, has closed a RMB1.5bn ($235m) series C round featuring internet company Tencent and conglomerate Dalian Wanda Group, China Money Network reported today.
The round was led by a Beijing-based film investment fund, most likely series B participant Wenzi Huasha, and backed by venture capital firm GGV Capital, according to local media reports.
Investment firm China eCapital Corporation was financial adviser for the round, which was reportedly closed at a $1.56bn valuation.
Founded in 2014, Weiying operates ticketing portal WePiao and also sells tickets through Tencent’s WeChat and QQ apps. It has more than 4,500 cinemas in its network, and around 1,200 performance venues, exhibition centres sporting arenas and stadiums.
The company raised $105m in series B funding from Tencent, Wanda, Wenzi Huasha, trading conglomerate Shanghai Gangtai Group, Shandong Luxin Investment Holdings Group and eCapital in April this year.
Tencent, state-backed fund China Culture Industry Investment Fund and asset manager Bison Capital provided Weiyang’s initial funding in 2014.