Chinese quick service restaurant operator YPX Cayman Holdings, has raised another round of financing worth US$11.5 million, taking the total financing raised in the last two months to $18 million.

The fresh funding will allow YPX to quickly open more stores within the eastern and northern parts of China, keeping to its strategy of building a large fast casual food and beverage chain platform.

By end of this year, YPX will have 30 Cloud 9 stores, the company’s first brand, in Shanghai, Hangzhou, Nanjing, Changzhou, Hefei, Beijing and Tianjin.

YPX, which focuses on Taiwanese casual f&b concepts, aims to open at least another 90 stores throughout China over the next two years.

LionRock Capital served as the lead investor for the latest financing round, with follow-on investments from Qiming Venture Partners, and Ignition Capital.

YPX has also recently received additional equity funding from Mitsui Global Ventures, Hotung Venture, and renowned entrepreneurs such as former DBS Bank and Singapore Airlines chairman Koh Boon Hwee and Nasdaq-listed 51Job.com founders Norman Lui and Michael Feng Yunlei.

In addition, YPX also secured a US$2.5 million venture debt financing from Western Technology Investment, a Silicon Valley-based firm that financed Facebook and Google in their early days.

“With this new round of funding, YPX is now poised to take on a larger territory in China. Our goal is to open in territories that we never could have gotten into earlier,” said YPX Cayman founder and CEO Chris Tay.

GB