Editor’s note: We at EqualOcean tracked the major funding rounds or industry events that took place in China’s new consumption space in April 2022. And the following is a list of deals that we have selected for you, based on a number of criteria including the funding amount, the financial backers, and the segments in which the startups operate.
T COMMA
Founded in 2021, T COMMA, a Chinese tea drink brand featuring “fresh nutrition,” netted on April 19 EUR 50 million in its pre-Series A funding round. Italian leather goods, wine, and clothing brand RUWISHDA is the investor. The proceeds will be used to open 60 stores in Nanjing and hold summer events, per a company statement.
KEYi Technology
KEYi Technology (Chinese: 可以科技) garnered in April a strategic investment led by smart charging tech firm Anker Innovations (300866) (Chinese: 安克创新). The amount of investment is not disclosed. Existing backers Shunwei Capital, Bluerun Ventures, and Xiaomi (01810: HK) also poured money into the deal. Founded in 2014, the robotics firm has attracted clients in 82 countries and districts with its star product ClicBot, a programmable modular robot package for children.
LeSheng Smart
Intelligent sweeping robot firm LeSheng Smart (Chinese: 乐生智能) closed its CNY 200 million (USD 30.26 million) Series A+ financing round on April 13, backed by Fortune Capital (Chinese: 达晨财智). Established in 2017, the company aims to develop smart household appliances such as sweeping robots, hand-held vacuum cleaners and air cleaners.
Aiper
Outdoor smart cleaning robot brand Aiper (Chinese: 元鼎智能) bagged hundreds of millions of CNY in its Series A funding round on April 11. This round is led by XVC; battery firm SUNWODA (300207) (Chinese: 欣旺达) also joined the investment. Founded in 2015, the Shenzhen-headquartered company aims to develop global top cordless robotic pool cleaners.
Bananaunder
Sequoia China-backed retailer Bananaunder (Chinese: 蕉下), known for products with built-in sun protection technology, filed a prospectus to list on the Hong Kong Stock Exchange on 15 April. CICC and Morgan Stanley are the joint sponsors. Established in 2013, the company expands its product range from umbrellas that filter UV rays to clothing, footwear, and accessories. Previously, Bananaunder has bagged over USD 50 million in three funding rounds supported by Sequoia China, China Renaissance, and Borchid Capital.
Pangpangxiang
Shanghai’s largest canteen food supplier Pangpangxiang (Chinese: 乓乓响) applied on April 8 to be listed on the Hong Kong Stock Exchange. Established in 2012, the company provides agricultural produce distribution services for dining halls and hotel restaurants. Pangpangxiang is the largest supplier of canteen agricultural product distribution services in Shanghai by its 2020 revenue, according to business consulting firm Frost & Sullivan.
Naturehike
Outdoor gear brand Naturehike (Chinese: 挪客) closed on April 11 its first financing round worth nearly CNY 100 million, led exclusively by Eastern bell Capital. Founded in 2010, the Ningbo-based company provides high-quality lightweight hiking, camping and mountaineering products, including tents, tables and chairs, sleeping bags, and air mattresses. The firm owns more than 80 patents and has clients from 72 countries.
≥9
Sparkling wine manufacturer ≥9 (Chinese: 大于等于九) netted CNY 100 million in its Series A financing round led by Centurium Capital. The corpus raised will be used for brand building, sales channel development, and marketing. The company has been targeting young consumers since its establishment in 2021, offering trendy and low-alcohol drinks.
Xijie Zha Chuan
Snack brand Xijie Zha Chuan (Chinese: 喜姐炸串), known for fried skewers, gathered CNY 75 million in its Series A+ funding round on April 25, with exclusive investment from Vision Knight Capital. Previously, it raised CNY 295 million in the Series A round backed by Source Code Capital and Focustar Capital. Founded in 2019, the Nanjing-based firm aims to provide healthy leisure snacks.
DOC Coffee
DOC Coffee closed a strategic investment from domestic top tea brand Shuyi Grass Jelly Tea (Chinese: 书亦烧仙草). The amount of funding is not disclosed. Established in 2019, DOC has launched seven shops exclusively in Changsha, aiming to attract young generations of consumers through creative drinks, the cute logo of a dinosaur, and delicate design of packaging and indoor decoration.
ForChange
EdTech company ForChange (Chinese: 风变科技) announced on April 26 that it has completed a Series B+ round of financing worth tens of millions of CNY from BoC&Utrust Private Equity Fund Management. It has received three funding rounds in total, joined by investors like GGV Capital, THE Capital, and S&G Investment. The firm offers technical solutions for enterprises, governments, universities and individuals in the vocational education industry.
CureFun
Medical education service provider CureFun (Chinese: 治趣) received on April 8 tens of millions of CNY in a strategic investment undertaken by Sequoia Capital China, 91Huayi.com (Chinese: 华医网) and Shukun Technology (Chinese: 数坤科技). The company has raised a total of USD 6.5 million in funding over three rounds.
Now Homestay
Membership homestay platform Now Homestay (Chinese: 未来好宿) raised tens of millions of CNY in its pre-Series A financing round from Yeepay.com (Chinese: 易宝支付) on April 18. The proceeds will be mainly used to expand the marketing team and launch recreational activities around homestays.
Frozen Dock
Prepared food brand Frozen Dock (Chinese: 冻品码头) bagged tens of millions of CNY in Series A financing, with Yuan Kun Venture Capital as the exclusive backer and Dark Horse (300688:SZ) as the financial adviser. The funds raised will be used for cold chain warehouse construction, supply chain improvement, market and channel expansion.
Aocai
Aocai (Chinese: 傲彩) closed on April 1 its CNY 60 million Series A financing round backed by K2VC, Taiya Investment Group, and Zhengxuan Investment. Founded in 2017, Aocai is a B2B e-commerce platform offering small-batch packaging and printing services, aiming to improve trade through intelligent tools.