Alibaba Entrepreneurs Fund, an investment unit of Alibaba Group supporting start-ups in Hong Kong and Taiwan, has teamed up with Hong Kong businessman Adrian Cheng to lead a RMB100 million (US$14 million) series B round in DayDayCook, a Hong Kong-based start-up providing cooking videos and recipes.
The rounds follows a RMB35 million (US$5 million) series A+ round by Alibaba in the start-up last year. DayDayCook said at the time that it would add e-commerce to its online video platforms to sell ingredients such as herbs, sauces and meat directly to its followers.
Founded in 2012, DayDayCook targets young consumers, encouraging them to enjoy cooking via its professionally made cooking videos. It currently has over 3.6 billion cumulative views of its videos across all platforms, including its website and social media platforms like Weibo, Facebook and Instagram. Its mobile app has around three million users. In addition, the company has 15 million followers on social media platforms like Weibo, Facebook and Instagram, and four million followers on video platforms like Miaopai and Meipai.
The company plans to expand into mainland China by establishing a cooking shop in a Shanghai shopping mall owned by its investor Adrian Cheng. The shop will be DayDayCook's first offline enterprise.
DayDayCook previously raised a RMB35 million (US$5 million) series A round from 500 Startups, MFund and Heyi Capital in February 2016.