China Deal Monitor: Shunwei leads $22m funding in Sweet7 and more updates

Chinese fruit tea chain brand Sweet7 has garnered 150 million yuan ($22 million) in a Series A round funding led by Xiaomi’s investment arm Shunwei Capital and joined by new economy-based investment bank Insight Fund, per a company statement on Tuesday.

Chinese boutique investment firm MM Capital acted as the financial advisor.

Sweet7 will deploy the funding proceeds for offline store expansion, supply chain upgrades, digitalisation innovation, marketing, and branding, it said.

Sweet7, formerly known as Xieji Dessert, was set up in 2016 in Suzhou. It sells fruit tea drinks through 800 brick-and-mortar stores in East China cities such as Shanghai and Jiangsu. The price ranges from 15 yuan ($2.2) to 25 yuan ($3.7). 

China’s top tea drink brands include Heytea, Yidiandian, Nayuki, Honey Snow City, and Sweet7.

CHINA DEAL MONITOR

DealStreetAsia has also put together a table listing out all prominent venture capital transactions in the Greater China region on October 23-27, 2020. 

Expand Table

StartupHeadquarterInvestment Size (USD)Investment StageLead Investor(s)Other Investor(s)Verticals
SmartSens TechnologyShanghai225 million-China Integgrated Circuit Industry Investment Fund (ICF), Xiaomi Changjiang Industrial Fund, CMB InternationalSequoia Capital China, China International Investment Fund, Wingtech Technology, Transsion Holdings, China Fortune-Tech Capital, Haitong Kaiyuan, Lenovo Capital, Forebright CapitalN/A
ECARXHangzhou194 millionA BaiduSIG ChinaAutonomous Driving
Genecast BiotechnologyWuxi149 millionEChina Structural Reform FundTaikang Asset Management, CCB Private Equity, GL Ventures, China Renaissance, CICC Capital, Matrix Partners ChinaBiotech
VanTop GroupShenzhen45 millionA -Sequoia Capital ChinaE-commerce
China RoadShenzhen30 millionStrategic Investment-TencentSaas
Sweet7Suzhou22 millionA Shunwei CapitalInsight FundN/A
Fourier IntelligenceShanghai15 millionCVision Plus CapitalQianhai Fund of FundsRobotics & Drones
QL BiopharmBeijing14 millionA Sequoia Capital ChinaBiotrack Capital, Taiyu Capital, E Link Ventures, Cuihu InvestmentHealthTech
Sky SemiconductorXiamen14 millionASDIC Venture CapitalYingxinggu Capital, Tianli Investment, Xinchao TechnologyN/A
VersaShanghai* 10 millionBBlibli-AI and Machine Learning
Fenxiang LifeHangzhou* 10 millionAXiaomiDCM Ventures, Toutou Shidao FundE-commerce
Ensonic TechnologyBeijing8.9 millionAVertex Ventures ChinaLenovo CapitalAI and Machine Learning
Yikuai Yiyao/onekdrug.comChangsha* 1.4 millionASequoia Capital China Seed FundCherubic Ventures, Plum Ventures, Decent CapitalHealthTech
YEESTORShenzhen-B2-CDH Investments, Green Pine Capital Partners, Yichen Capital, Zheshang Venture Capital, Bohai Chuangfu Securities, TopoScend Capital, Penghui Investment, TCLN/A
PackGene BiotechGuangzhou-B+-Decheng Capital, Cathay Capital, Oriza SeedHealthTech

∗ 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. 

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.