Internet group Tencent has co-led a RMB450m ($68.3m) series D round for China-based fast-food chain Hefu Noodle, DealStreetAsia reported on Monday.
The round was co-led by Longfor Capital, a subsidiary of investment holding company Longfor Group, and also featured investment firm Meridian Capital.
Founded in 2012, Hefu Noodle runs a chain of more than 300 noodle-based takeaway restaurants that stretches across 32 Chinese cities including Beijing, Shanghai, Guangzhou, Shenzhen and Hangzhou.
Yao Xia, executive director at Tencent subsidiary Tencent Investment, said in a statement quoted by DealStreetAsia: “We believe a wider partnership will be initiated by Hefu Noodle and us toward catering digitalisation, and we will support Hefu Noodle to become China’s leading fast-food chain.”
The round took the company’s total funding to approximately $129m according to DealStreetAsia, which reported that it had raised about $15m in a 2017 series C round and $31m in a series C-plus round in July 2019. Its earlier backers include VC firm Wangju Capital.
