China ticket booking site Weiying raises $462m
Beijing Weiying Times Technology, a Chinese online portal that sells movie tickets, has raised RMB3 billion ($462 million) in an extended Series C round of funding at a valuation of $2 billion.
This extension brings Weiying's total Series C funding to RMB4.5 billion, following a Series C round worth RMB1.5 billion, the company confirmed to local media.
Shenzhen-listed internet company Dalian Zeus Entertainment led the extension round, having committed RMB400 million for a 3.43% stake, a filing showed. Existing backer Tencent Holdings invested RMB336 billion. Other investors include CMC Holdings, online gaming company iDreamSky, Sino Ocean Land Capital and Everbright Financial Holding Asset Management.
Founded in December 2013, Weiying operates Weipiao.com, an online platform that allows users to buy movie tickets through a self-developed app or Tencent's social networking app WeChat. The company has expanded its ticket-booking services to other entertainment segments, including sports events and performances.
Weiying has formed partnerships with 4,500 movie theaters and 1,000 stadiums and exhibition centers, providing online ticketing services for more than one billion Chinese users.
The company raised three rounds of funding between 2014 and 2015, according to AVCJ Research. China Culture Industry Investment Fund and Bison Capital Asset Management provided seed capital for the company in 2014. This was followed by a $105 million Series B round in April last year, and then the Series C round.
In December, Weiying and its industry peer Gewara - an online ticketing service provider backed by multiple VC investors - agreed to merge.
In the meantime, Weiying spun off its sport-related business as an independent entity called Wei Sai Sports. Earlier this month, the new firm raised a Series A round of undisclosed size led by CMC Capital Partners. Tencent, China Culture Industrial Investment Fund and Legend Capital all participated.
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