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.
|Startup||Headquarter||Investment Size (USD)||Investment Stage||Lead Investor(s)||Other Investor(s)||Verticals|
|SmartSens Technology||Shanghai||225 million||-||China Integgrated Circuit Industry Investment Fund (ICF), Xiaomi Changjiang Industrial Fund, CMB International||Sequoia Capital China, China International Investment Fund, Wingtech Technology, Transsion Holdings, China Fortune-Tech Capital, Haitong Kaiyuan, Lenovo Capital, Forebright Capital||N/A|
|ECARX||Hangzhou||194 million||A||Baidu||SIG China||Autonomous Driving|
|Genecast Biotechnology||Wuxi||149 million||E||China Structural Reform Fund||Taikang Asset Management, CCB Private Equity, GL Ventures, China Renaissance, CICC Capital, Matrix Partners China||Biotech|
|VanTop Group||Shenzhen||45 million||A||-||Sequoia Capital China||E-commerce|
|China Road||Shenzhen||30 million||Strategic Investment||-||Tencent||Saas|
|Sweet7||Suzhou||22 million||A||Shunwei Capital||Insight Fund||N/A|
|Fourier Intelligence||Shanghai||15 million||C||Vision Plus Capital||Qianhai Fund of Funds||Robotics & Drones|
|QL Biopharm||Beijing||14 million||A||Sequoia Capital China||Biotrack Capital, Taiyu Capital, E Link Ventures, Cuihu Investment||HealthTech|
|Sky Semiconductor||Xiamen||14 million||A||SDIC Venture Capital||Yingxinggu Capital, Tianli Investment, Xinchao Technology||N/A|
|Versa||Shanghai||* 10 million||B||Blibli||-||AI and Machine Learning|
|Fenxiang Life||Hangzhou||* 10 million||A||Xiaomi||DCM Ventures, Toutou Shidao Fund||E-commerce|
|Ensonic Technology||Beijing||8.9 million||A||Vertex Ventures China||Lenovo Capital||AI and Machine Learning|
|Yikuai Yiyao/onekdrug.com||Changsha||* 1.4 million||A||Sequoia Capital China Seed Fund||Cherubic Ventures, Plum Ventures, Decent Capital||HealthTech|
|YEESTOR||Shenzhen||-||B2||-||CDH Investments, Green Pine Capital Partners, Yichen Capital, Zheshang Venture Capital, Bohai Chuangfu Securities, TopoScend Capital, Penghui Investment, TCL||N/A|
|PackGene Biotech||Guangzhou||-||B+||-||Decheng Capital, Cathay Capital, Oriza Seed||HealthTech|
∗ 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.