Chinese valet parking app Ubo raised $900k in its second round of funding.
The round was led by HGDS Capital.
The company intends to use the funds to expand operations to cover Beijing’s entire downtown area, including all hospitals and airports that service the city.
Founded in 2014 by CEO Corrine Zhao, Ubo provides a mobile service for car owners matching the need for parking in the city with available, underused parking resources.
It currently has hundreds of parking spots throughout Beijing, and it aims to sign more contracts with under-used parking lots in different areas to secure low-cost spaces. The service offers a flat $3 fee for the valet service, and $1-$2 per hour for the parking space. Users also have the option to pay a $150 flat fee for a monthly plan.
The app is available for download via the App Store and Google Play.
FinSMEs
02/07/2015