Shanghai-based Keyi Information Technology, operator of mobile umbrella-sharing platform Chunsun (literally "Spring Bamboo"), has completed RMB 12 mln in new funding from Chinese-American entrepreneur Charles Xue and other individual investors.
Chunsun's business model focuses primarily on all-weather umbrellas and umbrella docks, with pick-up/drop-off stations located near businesses and hotels. Users must first deposit RMB 59, after which their first 24 hours of use is free, with subsequent usage time charged at RMB 1 per day.
Chunsun founder Li Yongqiu said that the company's revenue comes primarily from advertising on rental umbrellas and data-based value added services.
Chunsun, established in March 2017, previously landed RMB 5 mln in angel funding this May.
Editor's Note: Chinese IT industry investment information portal IT Juzi reports this newest round as angel funding.