China-based consumer goods logistics provider 8dol has closed a RMB200m ($30.7m) series B+ round led by cosmetics and health food producer Jiangsu Longliqi Group, China Money Network reported today.
The investment is part of a strategic partnership that will see the two companies will work together to identify emerging consumer trends among the country’s youth.
Founded in 2013, 8dol has developed a mobile app that enables users to have consumer goods and products from convenience stores delivered to university halls and office buildings within an hour.
The company currently operates across 50 cities and its operations cover more than 2,000 campuses and 1,000 offices and stores. It previously received an undisclosed amount in an oversubscribed series B round in June 2015 led by Shunwei Capital.
The initial series B round featured Fosun Kinzon Capital, which acts as an investment vehicle of conglomerate Fosun Group, and Soochow TianGong, an incubator jointly set up by clothing manufacturer Bosideng International and Soochow University. 8dol has not released details about earlier funding.