Ubo Raises $900K in Second Funding

▤ Summary

Chinese valet parking app Ubo raised $900k in its second round of funding.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.Users also have the option to pay a $150 flat fee for a monthly plan.

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