Candao.com, a Chinese start-up specialized in food delivery management service for chain restaurants, has raised RMB100 million (US$14.90 million) in a series A round of financing led by real estate investment firm Gaw Capital Partners and venture capital fund Beyond Ventures, shows information updated on Chinese business data provider Tianyancha on Tuesday.
Chinese mobile internet-focused investment fund MFund and Hong Kong government-backed Innovation and Technology Fund also participated in the new round.
Candao.com was founded in April 2014 and managed by Guangzhou Candao Information Technology Co Ltd. The company provides one-stop solutions for Chinese medium and large-sized chain restaurants, including SaaS delivery management systems, distribution systems, and business data analysis centers.
The Guangzhou-based company has served over 200 medium and large-sized chain restaurant brands, such as Haagen-Dazs, Burger King, Papa Johns and Costa as of March 2019, said Candao.com in an interview Chinese tech-focused online publication 36Kr. The company currently provides services to nearly 30,000 offline restaurants across over 300 cities in China, with over RMB1.4 billion (US$208.65 million) in monthly gross merchandise volume.
Proceeds of this round will be used to strengthen the research and development of the company’s systems, and explore applications of technologies like artificial intelligence (AI).
Beyond Ventures was founded in 2017 by Hong Kong-based venture capital fund eGarden Ventures in partnership with locally-grown serial entrepreneurs. Beyond Ventures has invested a total of RMB280 million (US$41.73 million) in 13 companies including Chinese AI unicorn SenseTime, Hong Kong taxi-hailing app HKTaxi, and Chinese streetwear platform YOHO.
Founded in 2005, Gaw Capital Partners is a private equity company that focuses on real estate markets in the Greater China region and other high barrier-to-entry markets globally. The firm has raised equity of US$11 billion and commands US$18 billion in assets under management as of the end of 2018.