Chinese airport valet parking service provider Feibotong announced that it has closed its series B2 funding round securing RMB 25 million (USD 3.85 million). Shangshi Fund was the lead investor.
The funds will be used for the company’s business expansion and the development of technologies including big data and AI.
Established on July 23, 2015, Feibotong boasts 1,621,367 users according to its website and has launched airport pick-up and drop-off services and more.
The company raised millions of yuan in its series A round in November 2016, and completed another funding round of RMB 50 million in May 2020 backed by China Southern Airlines.
The company claimed it is close to profitability but is also working on a new funding round.
It has partnered with 10 airlines, 5 insurance companies in China, auto brands such as Mercedes-Benz, as well as property developers to take its services beyond airports.