China-based online food delivery company Etaoshi.com has secured $20m in series B financing from a subsidiary of agribusiness New Hope Group, China Money Network reported on Thursday.
Beijing New Hope Industry Investment Center, a fund managed by New Hope’s corporate venturing unit Hosen Capital, made the investment.
The Etaoshi funding comes in the wake of a $50m round raised by Daojia, another China-based online food ordering service, as the industry seeks to catch up with the progress made by companies such as Just-Eat, GrubHub and Delivery Hero in western markets.
The company previously raised almost $10m in a series A round led by US-based venture firm Highland Capital Partners in November 2013.