Chinese new retail takeaway brand Zuodashi has raised RMB100 (US$14.48 million) in a series A round of financing led by the country’s private equity firm Huagai Capital, according to a statement released on Tuesday.
Chinese investment firm We Capital, returning investor Gaorong Capital, and individual investor Chen Yaochang, former CEO of Walmart China and vice chairman of Chia Tai Group, also participated in this round.
Zuodashi was founded in November 2018 to provide takeaway retail solutions for restaurants. The company focuses on the selection and improvement of tableware products that are used to pack takeaway food and served in individual portions, such as dried fish sauce and appetizing sauerkraut.
The Shanghai-based Zuodashi has served nearly 30,000 restaurants owned by over 400 restaurant chains in 12 cities across China, including Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou and Nanjing.
"The retail of food and beverage will represent an industry reform. We are very optimistic about the long-term development of the takeaway industry in China. The tableware category will be one of the most profitable niche markets," said Wang Baohua, partner of Huagai Capital TMT Fund.
Proceeds of this round will be used for brand marketing, market expansion, and supply chain construction.
The company raised tens of millions of yuan in an angel round led by Gaorong Capital in January 2019.