China-based online food seller Funye has secured RMB83m ($12.5m) in a round that included sesame oil producer Yanzhuang Oils, China Money Network reported yesterday.
H Capital led the round, which also featured Sichuan Taihe Group, Shanghai Qinghong Guyi Capital Management Center and Shanghai Changjingpai Investment Center, according to a company announcement.
Founded in 2014, Funye provides a range of foodstuffs to consumers, using online celebrities to help market its products. It reportedly claimed to have sold 30,000 bottles of a spicy sauce it launched in May this year, over a two-hour period.
The capital, which China Money Network reported increased Funye’s funding to more than RMB100m since May, was raised at a valuation of $54m. It will spend the money on enhancing its sales and marketing.
Funye had previously raised angel and series A funding from juice manufacturer HuiYuan Group, private equity and venture capital firm Fang Fund Partners, VC firm Ceyuan Ventures and VC fund Zhen Fund.