F5 Future Store, a Chinese operator of 24-hour cashier-free convenience stores, has raised nearly RMB100 million (US$14.54 million) in a series B round of financing led by Peakview Capital, an investment subsidiary of Beijing-based private equity investment advisory firm Shengjing Group.
The company’s existing shareholders including Shenzhen-based venture capital firm InnoHub Capital and TCL Venture Capital, an investment unit of consumer electronics producer TCL Corporation, also participated in this round, according to a company statement.
F5 Future Store, founded in April 2015, mainly operates 24-hour cashier-free convenience stores powered by self-developed robotic arms and a back-end management system. A typical convenience store operated by F5 Future Store is equipped with three vending machines and one automatic cleaning machine, providing customers with fast-moving consumer goods, canned drinks, and cook-and-serve food like instant noodles and fish balls.
The Guangdong-based company has so far opened 50 convenience stores in Shenzhen, Guangzhou, and Foshan, mainly serving customers in universities, factories and central business districts (CBD).
Proceeds of this round will be used for the expansion and operation of new stores.
F5 Future Store raised RMB30 million (US$4.36 million) in a series A+ round from Sinovation Ventures in June 2017. The company also closed RMB10 million (US$1.45 million) in a series A round from TCL Venture Capital in March 2017, according to the statement.