Chinese snack chain brand Snack Is Busy has secured 240 million yuan ($37 million) in a Series A round of financing co-led by Sequoia Capital China and TMT-focused Gaorong Capital, according to a company statement.
The round was joined by new GenBridge Capital and Maxceed Capital.
The emerging brand is planning to use the proceeds for market expansion across China and to spruce up marketing and branding efforts.
Snack Is Busy claims that it has a network of over 450 franchise stores. China’s market size for snack business is expected to reach 4 trillion yuan ($619 billion) by 2024, the company said in the statement citing statistics from the Ministry of Commerce.
CHINA DEAL MONITOR
DealStreetAsia has also put together a table listing out all prominent venture capital transactions in the Greater China region from May 6-7, 2021.