Citybox, a China-based smart vending machine operator backed by financial services platform Ant Financial, has obtained $15m in a series A round, China Money Network reported today.
The funding was provided by GGV Capital, Yunqi Partners, Blue Lake Capital and Zhen Fund.
Citybox operates vending machines that users open by scanning a QR code. They can then take the fresh produce they would like to purchase and a bill is automatically sent to their smartphone when they close the door again.
The terminals include anti-theft and user tracking features. Citybox has so far signed agreements with some 2,000 shopping centres, schools, residential buildings and offices to deploy the machines, and hopes to install a total of 5,000 by mid-2018.
Both Ant Financial and its personal credit rating service Sesame Credit were named existing backers in the news report, though details about their involvement could not be ascertained.
Eric Xu, managing partner at GGV Capital, said: “GGV Capital is optimistic about the new retail business models in and around the office. The key here is not getting as many vending machines in as many offices as possible, but having more efficient supply chain and operational management.
“Citybox is one of a few start-ups that has a veteran team with deep experience in supply chain management and retail operations.”