Yunnex, a China-based provider of internet-connected point-of-sale (POS) systems, has raised $20m in a series B-plus round featuring fast food chain Ajisen Ramen, China Money Network reported yesterday.
The round was led by private equity firm Hezhi Investment and included participation from venture capital firm GSR Ventures.
Yunnex has developed a smart POS device that allows businesses to accept payments, and which incorporates sales management software, messaging and e-commerce capabilities, as well as coupon and barcode scanners.
The devices have been used in more than 100,000 offline businesses including restaurants, hotel chains and yacht clubs. The funding will be used to onboard more medium and large-sized brands, and to strengthen Yunnex’s operating systems.
The company had previously received $45m in a 2016 series B round that included a reported $17m investment by Ajisen Ramen as well as funding from GSR Ventures and Shanghia Xiong Hou Investment.
GSR Ventures and fund manager FH Capital had provided $16m in series A-plus funding for Yunnex in 2015, GSR having invested $1.5m in the company the year before.