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.