Shanghai-based Chinese quick service restaurant firm YPX Cayman Holdings Co. has closed US$25 million series D financing led by Maybank Private Equity, according to a company announcement.
Existing investors LionRock Capital and Ignition Capital also participated. Individual investors, including former DBS Bank and Singapore Airlines chairman Koh Boon Hwee and former president of McDonalds Greater China Peter Tan, joined the round as well.
Maybank Private Equity, the private investment arm of Malaysian Banking Berhad, made the investment through its fund, MAM PE Asia Fund I (Labuan) LLP.
Maybank is one of Southeast Asia’s largest banks, and the largest in Malaysia by market capitalization.
"The upside for this segment in China is enormous, given the increasing middle class population," says Pneh Tee Keong, CEO of Maybank Private Equity.
With this fresh funding, YPX will be able to grow more stores via direct-owned operations as well as franchisees across China. The company will also allocate some proceeds for research & development to diversify its menu offering, brand awareness and information technology to support its future growth.
Founded in 2010, YPX was seed-funded by Qiming Venture Partners. Its first brand is Cloud9, a Taiwanese fast casual restaurant chain, which currently has more than 40 stores across China including Shanghai, Beijing, Tianjin, Hangzhou, Nanjing, Changzhou and Hefei.