Movie Ticket Booking Platform Weiying Times Wins RMB 1.5 Bln Series C
iYiou, 11/17/15
Beijing-based mobile and online movie ticket booking platform operator Weiying Times announced today that it has secured RMB 1.5 bln in Series C funding led by Wenzi Huaxia Movies Culture Fund, with co-investments from CITICS Prosperity Fund Management, Granite Global Ventures, Noah Private Wealth Management, Gopher Asset Management, internet and mobile services firm Tencent (0700.HK), and entertainment conglomerate Dalian Wanda Group.
Weiying Times operates its movie ticket purchasing service, called WePiao, via its official account and WeChat wallet on Tencent's WeChat mobile messaging app, mobile QQ, a stand-alone mobile app, and the company's PC website.
Weiying Times says it will continue to serve as a movie ticket sales platform for consumers, but now will also seek to expand its business to cover the entire film industry chain. To achieve this, it plans to focus on film-related investment, distribution, marketing, and IP development. Weiying Times will also partner with Noah Private Wealth Management and Gopher Asset to establish an arts and culture industry fund worth over RMB 2 bln, which will invest in high-quality films and performances as well as buy stakes in up- and down-stream enterprises in the industry.
Editor's Note: For more information on this topic, please see "Movie Ticket Booking Platform Weiying Times Wins USD 105 Mln Series B," MD 4/27/15 issue.
Keywords: Wenzi Huaxia CITICS Prosperity Fund VC M&A mobile ticketing funding wireless Tencent Series C 0700.HK Wanda Gopher Asset Management Noah Private Wealth Management Weiying Times GGV Capital film online ticketing WePiao
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