Chinese online catering startup ShiHeng snags funding from TPG-SV

Photo by Jakub Kapusnak on Unsplash

Chinese online catering management startup ShiHeng has snagged “tens of millions” of USD in a Series B2 round from TPG-SV,  a $300-million China-focused joint investment fund established by global private equity firm TPG and SoftBank Ventures Asia, according to a statement issued by financial advisor Evering Capital on Monday.

The fresh capital will be used to expand ShiHeng’s services into new markets, enhance its customer service and talent expansion.

Founded in 2017, ShiHeng has raised three funding rounds in the last 12 months. In 2018 alone, it raised over 200 million yuan for both its Series A and Series B1 rounds. Both rounds were led by Sequoia Capital China, Gaorong Capital and Vision Plus Capital.

“ShiHeng is now valued at more than 1 billion yuan ($150 million), and is the leader of the takeaway/catering industry. Our current GMV (gross merchandise value) is over 400 million yuan ($59 million),” said ShiHeng’s founder and CEO Fang ShiHun.

The Shanghai-based startup has a team of 50, where its core team is made up of top graduates from Harvard University, Shanghai Jiao Tong University, Zhejiang University as well as former executives from Unilever, Procter & Gamble, Heinz, Tesco, McKinsey, Goldman Sachs and even KKR. Its IT team consists of former executives from Tencent, Alibaba, Baidu and other Chinese internet companies.

ShiHeng claims to be serving tens of thousands of stores and more than 300 F&B brands in China including Starbucks, Yum! and other brands. Its services cover more than 100 cities.

“The takeaway industry has experienced a rapid growth in China as it gradually enters into a new era. We believe ShiHeng can continue to reach new high in the F&B retail industry,” said partner of TPG-SV Fund, Ding HaiPeng.

Also read:

SoftBank Ventures Korea launches $300m China-focused fund

Chinese VC Gaorong Capital collects $450m for fourth fund

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.