Chinese hot pot brand Zihaiguo nets over $50m in Series C round led by CICC

Chinese self-heating hot pot brand Zihaiguo has garnered more than $50 million in its Series C round of funding, led by China International Capital Corporation’s CICC Capital, at a valuation of $500 million. 

Existing backer MatrixPartners China re-upped in the fresh round, the VC announced on WeChat. Matrix had invested over 100 million yuan ($14 million) in Zihaiguo’s Series B round earlier in May this year. 

Zihaiguo will use the proceeds for product research and innovation.

Chongqing-headquartered Zihaiguo, set up in 2018, produces fast and processed foods based on freeze-dried technology. Its product range includes hot pot, clay pot rice, lunch box, and noodles.

It sells through e-commerce channels such as Tmall, JD.com, Amazon and eBay and claims to set up over 100 offline stores by the end of 2020. 

“We will stick to product innovation by further enhancing technology, innovation and transformation,” said Zihaiguo founder and CEO Hongliang Cai in the statement. 

The founder owns 37.17 per cent stake in Zihaiguo followed by MatrixPartners China with 12.71 per cent. Meridian Capital and CICC own 8.15 per cent and 2.58 per cent respectively.

In 2019, Zihaiguo had secured ‘millions of US dollars’ in its Series A round from Meridian Capital. 

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.

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.