China-based unmanned convenience store operator F5 Future Store today raised approximately RMB100m ($14.5m) in a series B round that featured consumer electronics and appliance maker TCL Corporation.
Shengjing Group’s investment subsidiary, Peakview Capital, led the round that also included venture capital firm InnoHub Capital. TCL took part through its corporate venturing unit, TCL Venture Capital.
Founded in 2015, F5 Future Store operates a fleet of 50 cashier-free convenience stores that use robotic arms to serve customers drinks, snacks and food from vending machines.
The shopes are located on university campuses, in factories and central business districts in Shenzhen, Guangzhou and Foshan, with plans to open up additional locations following the series B round.
F5 Future previously raised $4.4m in a series A-plus round backed by Sinovation Ventures in June 2017, three months after TCL Venture Capital had led a $1.45m series A round.
InnoHub was an existing investor in the company prior to the series B, though it is not clear when the firm made its initial investment.
– Image courtesy of F5 Future Store