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Investment, Private Equity

Goldman Sachs Invests In China Online Food Platform Meican To Fuel Expansion

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Goldman Sachs Investment Partners has led a series D round in Meican, a Chinese online food ordering platform targeting corporate customers.

No financial details were disclosed in a company announcement. Meican plans to use the proceeds to expand services to universities and medium and large-sized companies.

Catering food to corporations is a fast-growing business in China. Total revenue generated by the top 100 Chinese restaurants targeting corporate customers exceeded RMB60 billion (US$9 billion) in 2016, up 36.3% year-on-year. Total market size reached nearly RMB900 billion (US$133 billion), increasing 20% year-on-year, according to China Cuisine Association.

Launched in 2011, Meican provides online food ordering services in major Chinese cities via its mobile app and website. It’s core customers are large companies with over 2,000 employees. Customers include Alibaba Group Holding Ltd., Baidu Inc., SF Express and Didi Chuxing.

Two years ago, the start-up completed a RMB140 million (US$23 million) series C financing from Shanghai-based Yelp-like review website Dianping.com, along with KPCB China, Nokia Growth Partners and Trustbridge Partners. Dianping.com and Meican formed a strategic partnership at that time to support each other’s expansion.

In 2013, it raised a US$10 million series B round from Nokia Growth Partners, as well as an undisclosed series B+ investment from Trustbridge. In 2012, it received a series A round worth millions of U.S. dollars from KPCB China.

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