Yoghurt brand Simple Love snags $56m led by Matrix Partners China

Simple Love

Guangzhou-headquartered natural yoghurt brand Simple Love has announced the completion of its 400 million yuan ($56 million) Series A round of financing led by Matrix Partners China.

The round also saw the participation of China Structural Reform Fund Corporation-backed CITIC Agri Fund, BA Capital and Maison Capital, according to a company statement. 

Simple Love, the brand owned by Guangzhou Honest Dairy Company Limited, has a product pipeline comprising additives and sugar-free yoghurt.

Simple Love will allocate the proceeds to develop its upstream supply chain by integrating its factory and cattle farms.

Simple Love has currently partnered with four manufacturing factories. Its first proprietary factory in Hebei province is expected to be rolled out in January 2021. With the new project, Simple Love will achieve an annual capacity yielding a value of 2.8 billion yuan ($394 million). 

Simple Love is also planning to invest in a slew of companies within 200 km radius of its factory to maximize its business. 

“The size of the dairy products industry in China is huge with ultra-high temperature treated items amounting to 200 billion yuan ($28 billion) annually. The demand for fresh yoghurt products is surging in the country,” said Matrix Partners China managing partner Huadong Wang in a statement.  

Simple Love competes with top yoghurt brands present in China such as Danone’s Activia, Mengniu’s Chunzhen, Bright Dairy & Food’s Momchilovtsi, Yili’s Wei-Chuan, Junlebao’s Purjoy and Kefir, Pinlive Foods’s Weidendorf.

Singapore Reporter/s

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

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

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  • 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. 
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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.