China Digest: VC-backed Meichuang bags $21m; Zhaoshicai raises $11m

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.

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.