Meal replacement brand ffit8 has closed ‘millions of US dollars’ in a debut round of financing led by Chinese conglomerate Fosun International’s investment vehicle Fosun RZ Capital with the participation of two individual investors namely Jing Li and Jun Dai, Fosun RZ announced on WeChat on Monday.
ffit8 will deploy the proceeds to further spruce up its meal replacement protein products.
According to the Euromonitor Consulting report, the Chinese meal replacement market size is expected to reach 120 billion yuan ($17 billion) in 2022.
CHINA DEAL MONITOR
DealStreetAsia has also put together a table listing out all prominent venture capital transactions in the Greater China region from July 27, 2020.