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.
|Startup||Headquarter||Investment Size (USD)||Investment Stage||Lead Investor(s)||Other Investor(s)||Verticals|
|SmartX||Beijing||29 million||B+, C||Vertex Ventures China||Tianjin Venture Capital, HUA Capital, F&G Venture||Big Data|
|Brosmed Medical||Dongguan||* 14 million||C||Hillhouse Capital||Cathay Capital, China Trade in Service Innovation Investment Fund, Northern Light Venture Capital||HealthTech|
|ffit8||Beijing||* 1.4 million||Debut||Fosun RZ Capital||Individual Investors (Jing Li, Jun Dai)||Fitness & Wellness|
|Health Plus||Beijing||* 1.4 million||A+||-||Dongfang Hongtai Capital, Pins Medical||HealthTech|
|Guangzhou Youxin Technology||Guangzhou||* 1.4 million||A||-||GSR Ventures||Cloud Computing|
|Shenzhen RCD Electric Technology||Shenzhen||* 1.4 million||A+||Jiyun New Infrastructure Fund||-||Electric/Hybrid Vechicles|
∗ indicates that the company did not provide the specific size of the deal but only a range. So, we adopt the smallest number in the range, which is “10 million yuan ($1.4 million)” in the given example.