CMC commits $32m to China online movie ticket site
China Media Capital (CMC) has led a RMB200 million ($32 million) Series C+ funding round for Gewara, a Chinese online movie ticket site.
The online platform secured $20 million in a Series C funding from existing investor CDH Investments in October. The Series C+ round bring the total capital raised to about RMB400 million, according to a statement.
Gewara previously raised an undisclosed amount from Shanda Capital and CDH two years ago, AVCJ Research's records show.
The six-year-old company provides ticket booking services for movies, concerts and other leisure activities. It has formed partnerships with more than 1,000 movie theaters in over 200 cities, covering about 70% of the domestic market.
As of the end of June, the site had transacted more than RMB600 million and it aims to reach RMB1.5 billion in turnover by the end of this year.
CMC was set up in 2010 and claims to be China's first media and entertainment-focused private equity fund approved by the National Development and Reform Commission (NDRC). Sponsors include China Development Bank, Wenhui-Xinmin United Press Group and Shanghai Media Group.
Three months ago, it partnered with FountainVest Partners acquire a 20% stake in movie theater operator IMAX's China business for $80 million. In January, it bought 21st Century Fox's 47% stake in Star China TV in partnership with company management.
Hina Group acted as the financial sponsor for this latest transaction.
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