Simple Love, a yoghurt producer launched by China-based dairy product supplier Guangzhou Honest Dairy, has closed a RMB400m ($56.3m) series A round, DealStreetAsia reported on Tuesday, citing a company statement.
Matrix Partners China led the round, which also featured fellow venture capital firm BA Capital, private equity firm Maison Capital and Citic Agri Fund, a branch of government-owned investment holding company Citic.
Simple Love offers sugar-free yoghurt as well as additives, and the series A proceeds will fund the integration of its cattle farms and production facilities according to DealStreetAsia.
The spinoff has four manufacturing partners at present but aims to launch its first dedicated production plant in January next year. It intends to also make a series of strategic investments in companies in the surrounding area in order to expand its business.
