Sodexo Ventures, the venture capital arm of French food services and facility management firm Sodexo, has invested in Chinese technology-enabled catering service firm Meican, according to an announcement.
The deal size, however, was not disclosed.
This marks Sodexo’s second and largest investment in China. Its first investment was in AI-backed startup AEYE-GO in 2018.
Founded in 2011, Meican offers corporate catering services, through detailed take-out menus and dining solutions. It also takes up personal orders and enables users to choose their preferred menu from various cooperative restaurants.
Meican, which is currently available in China’s four cities such as Beijing, Shanghai, Guangzhou, and Shenzhen, owns around 30,000 cooperative restaurants.
The investment in Meican will help Sodexo strengthen its food services and cater to consumers through digitization of on-site restaurants besides sprucing up its network.
Meican, on its part, plans to use the funding to expand its business operations in China, leveraging Sodexo’s geographical reach and management capabilities by proposing joint-offers and launching innovative solutions.
“The strategic cooperation with Sodexo will bring resources, brands, and innovations to Meican. We will continue to invest in technological innovation and team building to expand our customer base and accelerate business growth in China,” Meican chief executive and co-founder Xiao Zhao said in a statement.
In 2014, Meican secured $10 million in a Series B funding round led by Nokia Growth Partners with participation from its existing investor Kleiner Perkins Caufield & Byers.
Later in 2015, the startup received $23 million in series C funding round led by Shanghai-based restaurant review platform Dianping.com. Subsequently, Goldman Sachs reportedly led its series D funding round in 2017.
Established in 2016, Sodexo Ventures invests and partners with startups. The firm portfolio companies include Klaxit (French carpooling service startup) startup US-based EAT Club.