China-based food retail services provider Shiheng received an eight-figure dollar sum from TPG-SV China Ventures, the joint investment venture formed by telecommunications firm SoftBank and private equity group TPG, on Monday.
The capital was provided in the form of series B2 funding, and Evering Capital was financial adviser for the deal, which valued the company at RMB1bn ($148m), it said.
Founded in 2017, Shiheng operates a big data-powered online food and beverage management platform that helps restaurants and brands design online menus, track meal purchases and handle customer complaints.
The company has so far worked with more than 300 corporate clients in more than 100 Chinese cities, including fast food chain Zhou Black Duck and Starbucks, the US-headquartered coffee retailer which Shiheng has helped with its entry into the Chinese market.
The capital infusion will be used to lure fresh talent to Shiheng and evaluate the requirements of its clients as it attempts to grow its market share.
The company had previously raised RMB100m in each of two separate rounds, a series A in June 2018 and a series B1 in October, both of which were funded by private equity firm Gaorong Capital and venture capital firms Sequoia Capital China and Vision Plus Capital.
– Image courtesy of Shiheng