Chinese restaurant operator Xiaocaiyuan has completed a multi-million dollar financing round led by investment firm Harvest Capital.
The exact figure for the funds raised has not yet been disclosed. The Chinese-style dining restaurant chain was founded by Wang Shugao a decade ago. Since then, Xiaocaiyuan has opened more than 400 direct directly-operated stores across China. The company reported about US$574 million in revenue last year, aiming to increase its store number to 500 and revenue to more than $717 million this year.
“Harvest Capital’s investment in Xiaocaiyuan fully reflects the firm belief and commitment of Harvest Capital to the Chinese catering industry and the entire Chinese consumer market,” the company said.
Before Xiaocaiyuan, Harvest Capital invested in several F&B projects, including Dongpeng Beverage, Babi Food, Home Original Chicken, Qiaqia Food and Laiyifen.
“We believe that under their leadership, Xiaocaiyuan can lead the modernisation transformation of Chinese catering, continue to empower people’s lives, create more consumer benefits, and lead more Xiaocaiyuan employees to common prosperity,” said Song Xiangqian, the founding partner of Harvest Capital.
Further reading: Chinese online fashion retailer Shein is set to raise around $2 billion in a new funding round this month and is aiming for a US listing in the second half of this year