YPX Cayman Holdings, the holding company which operates the China-based casual food and beverage (F&B) chain Cloud 9, secured $20m in series B funding from investors including Mitsui Global Investment, the corporate venturing unit for Japan-based conglomerate Mitsui, on Monday.
Also participating in the round were venture capital firm QiMing Venture Partners, investment firm Hotung Investment Holdings and several angel investors. QiMing was the sole investor in YPX’s series A round.
There are currently 10 Cloud 9 branches in Shanghai and YPX is looking to use the funding to expand into surrounding towns, as well as Beijing, by the end of the year.
Mr. Shunsuke Masaki, head of consumer investment at Mitsui Global Investment, said: "We’re glad that YPX Cayman is striving to achieve the strategic goal of building a casual F&B chain platform. We believe that under the leadership of existing executives, the company will meet the goal. Mitsui Global Investment has invested in more than 15 F&B companies in Japan and we hope to make more brands available in China through YPX Cayman."