Data security developer Hangzhou Meichuang Technology has garnered 150 million yuan ($21 million) in a new round of funding to expand its operations. In a separate development, food supply chain platform Zhaoshicai has secured 80 million yuan ($11 million) in Series A, A+ rounds.
VC-backed Meichuang bags $21m
VC-backed data security developer Hangzhou Meichuang Technology Co., Ltd has raised 150 million yuan ($21 million) in a new funding round jointly led by CBC Capital and Sharewin Investment.
The round also saw the participation of Cybernaut Investment Group, Yuyue Technology and Oriental Fortune Capital. Mima Capital acted as the financial advisor for the deal, the company announced on WeChat.
The corpus raised will help Meichuang spruce up its R&D of data security and industrial application innovation, besides helping it enhance its marketing networks and partnerships.
Meichuang, established in 2005, claims to have served over 3,000 enterprises across industries such as finance, healthcare, energy, transportation, and education, among others.
Headquartered in Hangzhou, Meichuang has offices in Beijing, Shanghai, Guangzhou, Wuhan, Nanjing and Chengdu.
Prior to the current round of funding, Meichuang has raised three rounds from a portfolio of investors comprising deep-tech centered China Elite Capital, Puhua Capital, Sinowisdom, Leo DM Group, Crestvaule Capital, and Jingen Group.
Zhaoshicai raises $11m in Series A, A+ rounds
Food supply chain platform Zhaoshicai said it has raised a total of 80 million yuan ($11 million) in its Series A and A+ rounds from Qingsong Fund and 01VC.
The latest funding brings the total capital raised by Zhaoshicai to over 100 million yuan ($14 million). It raised 30 million yuan ($4.2 million) in its angel round from Galaxy Capita in September, 2019.
Maximum Capital served as its financial advisor for the transaction, according to a company statement.
Managed by Jiangsu Collaborative Supply Chain, Zhaoshicai is a business-to-business (B2B) platform delivering pre-packed food to restaurants or food companies. It helps food companies reduce cost and manage efficiency by integrating ingredient suppliers, R&D centres, factories and logistics.
Zhaoshicai owns a food research center, three brands and six city branches, which distribute over 10,000 food items daily. As of 2019, the platform claims to have served over 500 clients.
Proceeds will be used for sales channel extension, product development, technology innovation, and team enhancement.