Chengdu-based Xinchao Media Group, developer of O2O life services app Xinchao Xiaoqu and operator of an LED ad network, has won a RMB 2 bln investment from Chengdu High-Tech Park Industry Guiding Fund. With the completion of this funding, Xinchao Media will have raised a total of more than RMB 6 bln and have a valuation of nearly USD 2 bln, according to chairman Zhang Xuxue.
This funding will be used to help Xinchao Media complete its nationwide rollout, using elevators as an offline traffic entry point to create the number-one media traffic platform for exclusive residential communities.
Xinchao Media installs LED television screens in elevators of expensive apartment complexes, serving ads to 100 mln riders in 350,000 elevators in 45 cities across China.
Xinchao Media previously won a RMB 1.0 bln round of financing in May 2017.
Editor's Note: For more information on this topic, please see LED Ad Network Operator Xinchao Media Completes RMB 1 Bln Funding, MD 5/25/17 issue.