Conglomerate Fosun International has led an $80m series B round for BingoBox, the China-based operator of a chain of automated convenience stores, according to Yicai Global, which cited an earlier report by 36kr.
Venture capital firms GGV Capital, Prometheus Capital, Qiming Venture Partners and Ventech China also participated in the round.
Founded in 2016, BingoBox runs automated retail stores capable of operating without full-time staff. Customers enter the store by scanning their faces or smartphones, and pay for items using their phones.
The company has almost 300 outlets across 29 Chinese cities, according to China Money Network, and will use the series B capital to open more stores.
BoingoBox plans to expand across China and then internationally, moving first into South Korea and Malaysia and eventually into Europe. The series B proceeds will also support the strengthening of its technology and the growth of its product range.
Yu Genling, an executive vice-president of Fosun, said: “Fosun’s real estate resources, community property service network and media channels will provide Bingobox with huge competitive advantages.”
The company had previously raised $14.7m in a July 2017 series A round led by GGV that included Qiming Venture Partners, Ventech China and Source Code Capital.