(Yicai Global) Nov. 29 -- Parking service supplier Sunsea Parking Industry Group Inc. raised USD227 million (CNY1.5 billion) in a round led by Warburg Pincus LLC.
Red Star Macalline Group Corp. [HK:1528] participated in the funding round, which was Sunsea's first. Macalline also transferred the operating rights of more than 300,000 parking spaces in its subordinate shopping malls to Sunsea. Sunsea did not disclose its valuation or how it plans to use the funds.
Sunsea operates more than 200 parking lots with almost 200,000 spaces in over 40 cities including Shanghai, Shenzhen and Guangzhou, Sunsea founder and Chief Executive Yan Liang said. The group's services are set to cover 3 million spaces after a decade, generating annual transaction flow of CNY50 billion and sales of CNY5 billion, Yan said.
Founded in 2006, Sunsea provides services for the entire value chain of parking management, including urban parking, parking lot planning and design, and intelligent parking operation, investment and construction.
The parking industry has matured overseas, but is still developing in China. Parking is scarce in China, and the country has a shortage of 50 million spaces. Major Chinese cities have only eight parking spots for every ten vehicles. Developed counties have 13 spaces for every 10 vehicles.