Chinese prepared food supply chain platform Zhaoshicai announced that it has received a total of RMB80 million in a series A round from Qingsong Fund and 01VC.
Prior to this round, Zhaoshicai raised a RMB30 million angel round financing from Galaxy Capital in September 2019.
Established in 2019, Zhaoshicai focuses on the R&D, production and distribution of prepared dishes, providing one-stop supply chain services for upstream and downstream businesses in the catering industry. The company has built a “supply chain + city station” system, which can deliver pre-made food in one day and serve food distributors in small cities.
The Hangzhou-based firm claimed that proceeds of this round will be mainly used for the expansion of sales network, construction of upstream R&D ecology, reinforcement of product technology and team construction.
In 2020, Zhaoshicai is expected to cooperate with 1,000 prepared food processing plants, and expand its service coverage to 250 counties, with a target sales of over RMB1 billion. Within three years, the team aims to cover more than 2,000 districts, counties, and towns across the country, and help 20,000 small and medium-sized food processing plants sell high-quality products to all parts of the country.