CORRECTING and REPLACING China’s Leading Shared Kitchen Provider Panda Selected Closes $50 Million Series C
SAN FRANCISCO--(BUSINESS WIRE)--Feb 22, 2019--First paragraph, first sentence should read: “...with participation from its existing investors DCM and GenBridge Capital.” (instead of ...“with participation from its existing investors DCM and Glenridge Capital.”).
The corrected release reads:
CHINA’S LEADING SHARED KITCHEN PROVIDER PANDA SELECTED CLOSES $50 MILLION SERIES C
Led by Tiger Global
Panda Selected, the leading shared kitchen provider in China, today announced it has raised $50 million in Series C financing led by Tiger Global with participation from its existing investors DCM and GenBridge Capital. This round brings Panda Selected’s total funding to $80 million to date, and the new funds will pave the way for expansion to new markets across China and strengthen Panda’s merchant services.
China’s food-delivery market is worth $33 billion dollars, almost double the size of the US market ( source ). With 120 locations that cover China’s major business hubs and regions including Beijing, Shanghai, Hangzhou, and Shenzhen, Panda Selected has established a leading position in the shared kitchen market with the largest operating scale in China. The new investment will grow the company’s current footprint by doubling their amount of locations over the next eight months.
“In the past three years, Panda Selected has rapidly developed to keep pace with the transforming catering industry in China,” said Li Haipeng, CEO and founder of Panda Selected. “With this round of financing, we expect to further extend our leadership position by rapidly expanding to serve more cities and core business districts, more locations with more offerings, and continuing to improve services and help our merchants operate better and faster.”
The shared kitchen concept is an emerging trend in China that enables restaurants to set up kitchens to cater exclusively for customers ordering in, and share facilities with others which greatly eliminates overhead costs. As food industry entrepreneurs struggle to afford the traditional restaurant model, Panda Selected serves as the complete solution for restaurateurs and provides commercial real estate, operation management, supply chain and brand promotion for catering enterprises.
“The shared kitchen concept is a critical piece to keeping up with China’s $33 billion food-delivery market,” said Hurst Lin, co-founder of DCM China and general partner. “Panda Selected’s phenomenal growth trajectory is a testament to the ability of its experienced management team to scale up efficiently.”
The Beijing-based startup, Panda Selected, helps catering companies achieve rapid business growth and make catering operations and entrepreneurship simple. The company has more than 800 domestic catering brands, which include Haidilao, Kungfu, Luckin Coffee, Hallasan, Wallance, and TubeStation.
About Panda Selected
Established in 2016, Beijing-based Panda Selected is a catering–oriented service platform. Panda Selected employs the shared kitchen model to provide catering enterprises with integrated solutions including commercial real estate, operation management, supply chain, brand promotion to better optimize the catering industry. With 120 locations covering Beijing, Shanghai, Hangzhou and Shenzhen, the company has become the leading shared kitchen brand in China. Panda Selected is committed to make catering operation simple and restaurant entrepreneurship easier.
DCM is a global venture capital firm based in Silicon Valley, Beijing, and Tokyo with nearly $4 billion under management. DCM has invested in more than 300 early stage technology companies across the United States and Asia, and provides hands-on operational guidance and a global network of business and financial resources. DCM has backed industry leading companies including 51job, 51Talk, 58.com, BitAuto, Dangdang, Fortinet, Happy Elements, Houchebang (ManBang), Musical.ly, Kakao Talk, Sling Media, TanTan, Tuniu, Vipshop, UCloud and Uxin. DCM has also invested in exciting, up and coming startups such as Lime, SoFi, Bill.com, Careem, Eaze, FiveStars, FreedomPop, FuboTV, DerbySoft, DXY, Freee, Kuaishou and SanSan.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190221005705/en/
CONTACT: Samantha Van Gent
Mighty PR on behalf of DCM
KEYWORD: UNITED STATES ASIA PACIFIC NORTH AMERICA CHINA CALIFORNIA
INDUSTRY KEYWORD: SUPPLY CHAIN MANAGEMENT RESTAURANT/BAR PROFESSIONAL SERVICES FINANCE RETAIL
Copyright Business Wire 2019.
PUB: 02/22/2019 12:10 AM/DISC: 02/22/2019 12:11 AM