Shanghai-based Chinese private equity firm ClearVue Partners says it has led a US$10 million financing round for China-based Japanese restaurant operator Akasakatei, according to an announcement of ClearVue.
Akasakatei will use the proceeds to accelerate the expansion of company’s restaurant network in China, potentially adding 15 to 20 restaurants this year.
"Chinese consumers are demanding higher quality food and more innovative dining experiences — and they are buying into brands with a strong profile and identity," says Harry Hui, managing partner of ClearVue Partners.
China’s full-service restaurants have been experiencing steady growth, with industry revenue increasing at an annualized rate of 11.6% in the five years through 2013. It is expected to generate US$290.3 billion in revenue in 2013, according to a report by Australian market research firm IBISWorld.
Founded in 2008 in Shanghai, Akasakatei currently operates 25 full-service restaurants in China’s major cities, offering teppanyaki, BBQ and Japanese cuisine.
The company’s founder You Zhongwang is from Fujian province in Southern China, who previously worked in the beef trading business.
Founded in 2012, ClearVue Partners focuses on fast growing and promising consumer companies in the Greater China region. It raised a total of US$262 million for its maiden fund last month.
Also in March, ClearVue led series B financing of tens of millions U.S. dollars in Shanghai-based fresh fruit shopping site Fruitday.com.
Last October, ClearVue led a US$16 million series B financing for Shanghai-based Chinese shopping search portal B5M.