China’s oatmeal brand Wangbaobao raises $14.1m in Series B

Photo by Margarita Zueva on Unsplash

Chinese oatmeal brand Wangbaobao has completed raising approximately RMB100 million ($14.1 million) in a Series B round, as its sales surged more than three times amid the Covid-19 pandemic outbreak.

Vertex Ventures has invested in the company yet again after it led Series A round four months ago, as it is optimistic on the brand’s growth, the Singapore-based venture capital said in a statement on Wechat.

The round was led by BA Capital, while existing investors Source Code Capital, Vertex Ventures and Decent Capital re-upped, AVCJ reported.

Vertex Ventures confirmed the completion of Series B in the statement but did not elaborate on the details.

The food retail industry faced challenges related to supply chain and labour shortage in the first quarter.  The outbreak of the virus also forced various brands to change and seek opportunities as people stay home and become more health-conscious, the Temasek-backed venture capital said.

The brand has continued its stable growth during the COVID-19 virus outbreak, which saw its sales surging more than 3 times year-on-year over the same period, Vertex Ventures added.

Founded in 2018, Wangbaobao sells its cereal and oatmeal products on e-commerce platforms such as Tabao.com and JD.com and become a popular brand on these platforms. 

 

Singapore Reporter/s

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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.