Chinese Fast Food Chain Bingz Completes Angel Round Financing in the US

Consumer Staples Author: EqualOcean News, Jiahui Liao Editor: Yiru Qian Apr 23, 2024 06:25 PM (GMT+8)

Bingz Expanding Rapidly Overseas.

Restaurant brand xishaoye rougamo brand logo

Chinese fast food chain Bingz has completed angel round financing in the US, reaching a valuation of USD 50 million. The US market, as the largest single overseas market for Bingz, is targeted for the opening of 3000 stores. In the initial five-year plan, Bingz aims to establish 300 company-owned stores, with an estimated annual revenue of USD 5 million per store, projecting a potential overall annual revenue of USD 1.5 billion.

Established in 2014, Bingz is an international fast food chain specializing in Chinese burgers. Founder Meng Bing, an alumnus of Xi'an Jiaotong University, envisioned global ubiquity for the brand since its first store opening.

Since 2016, Meng Bing has registered the international trademark for Bingz in various countries. In 2018, Bingz became the authorized holder of the global brand, subsequently establishing a subsidiary in North America. In May 2021, the first store was opened in Canada. Meng Bing stated, "In the past, we have not only benefited from the vigorous development of the domestic economy but also experienced a series of challenges. Today, we have become a leader among Chinese multinational chain enterprises, with stores operating in China, Canada, Singapore, and the United States. Over the next three years, we plan to enter 20 more countries and regions globally, further promoting the globalization of Chinese brands."

Currently, Bingz has successfully opened four stores in Canada, becoming the largest Chinese restaurant enterprise in the local market. Meng Bing anticipates that by June of this year, Bingz will surpass the scale of Haidilao, which currently has 18 stores in North America. Additionally, Bingz is constructing a central factory in San Diego to cover the entire North American region and plans to open 10 company-owned stores in California by the end of 2025, with the first store scheduled to open in the fourth quarter of this year.