Miguel Cordon · · 1 min readJD.com leads $142m investment in elevator ad firm to boost offline marketing
Chinese ecommerce giant JD.com led a US$142 million funding round in elevator advertising firm Xinchao Media as part of a deeper strategic partnership.
Photo credit: Robert Allmann
JD.com did not disclose how much it invested in Xinchao and the other investors that participated in the round.
With the investment, JD.com hopes to strengthen its offline marketing efforts and drive more users to its platform. The company also said that the value of Xinchao is becoming increasingly prominent, as it is one of the more mainstream forms of media in the country.
Xinchao has deployed more than 700,000 elevator smart screens in 100 cities across China, according to a statement. It previously received US$302 million in a funding round led by Chinese search giant Baidu.
Last year, JD.com rival Alibaba agreed to invest about US$2.2 billion in Focus Media, which claims to have over 2 million elevator TVs deployed.
Editing by Charmaine de Lazo
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