China-based food delivery service Line0 has raised $30m in a series B round led by internet company Tencent, Tech in Asia reported yesterday.
Venture capital firms Sequoia Capital and Gobi Partners also participated in the round. Line0 previously raised undisclosed amounts from a Sequoia-backed series A round in July 2014 and a Gobi-funded seed round in 2012.
Line0 delivers food from franchise restaurants such as Burger King. Its operations currently cover five cities in China and it will use the series B funding to expand to up to 20 cities this year.
William Wu, chief executive and founder of Line0, said the company had been formed to address the rising demand in China for takeaway from younger age groups, which is currently not being served by delivery systems formed by local small and medium-sized businesses or international giants.