Yi Feng, founder of Wing Coffee, said, "We hope that in the future there will be one of our coffee shops every five kilometers and a coffee machine every 500 meters."
Chinese smart coffee machine maker Wing Coffee (Chinese: 咖啡之翼) announces the completion of a CNY 100 million (USD 15 million) strategic funding round, led by CCC Capital (Chinese: 中金资本).
According to iimedia data, the size of China's coffee market reached 381.7 billion CNY in 2021. China's coffee market has entered a phase of rapid development and the industry is expected to maintain a rising growth rate of 27.2%, a value much higher than the world average growth rate of 2.5%.
In recent years, the Chinese coffee market has been getting hotter and hotter. According to statistics, 23 investment and financing events took place in China in 2021 alone, with a financing amount of CNY 7.56 billion. Some brands have completed two or even three rounds of financing in the first half of 2021.
Wing Coffee was founded in 2000. In 2016, the company added the business of self-service coffee machines, and this business has become Wing Coffee' main business.
In Europe and the United States, where the coffee industry is relatively mature, self-service retail coffee machines account for at least a quarter of the market, and this value is even greater in Japan and Korea. On the contrary, in China, both the number of machines and outlets are very small. Therefore, self-service retail coffee machines are a fast-growing track with a lot of room for growth in the segment. Yi Feng said in the interview.
Yi Feng added that when the cost of labor in offline shops and the cost of renting offline shops is getting higher and higher, it is necessary to make a "shop" more and more unmanned, which will reduce operating costs and increase the competitiveness of the company and its ability to resist risks.