Corporate Food Services Company Meican Secures E Round Series Financing Worth Over $157 Million
On Thursday, Chinese corporate food services company Meican announced that it had obtained an E2 round of financing, and the investor was Sodexo. So far, Meican has completed round of E series of financing, amounting to more than 1 billion yuan ($157 million).
According to the company, this round of financing will be mainly used to promote digital innovation, attract more customers in the global market, build a diversified supply chain system, and promote the strategic deployment of further business development.
Zhao Xiao, co-founder and CEO of Meican, said that with many innovations in technology, management and services, Meican and Sodexo will expand into more industries and larger markets. One of the company’s ultimate goals is to export its unique business models and technologies into the entire global market. In the future, Meican will increase its investment, strengthen infrastructure construction, improve product quality and improve its business management in order to expand its market share.
Martin Boden, Sodexo’s President for China, said: “We are very happy to further deepen our investment and cooperation with Meican, which will enhance the pace of our catering transformation in China and upgrade the catering ecosystem. In addition, we also hope to achieve high-quality growth in Chinese market and benefit other parts of the world through cooperation with Meican.”
In terms of financing, a month ago, Meican just completed its E1 round of financing totalling $100 million which was led by Centurium Capital. In 2011, Meican received an angel round of investment from Zhen Fund and Unity Ventures. In 2012, it received an A round of financing from KPCB. In 2013, Meican received a B round of financing from Nokia Growth Partners (NGP). In 2014, it received an additional B round of investment from Trustbridge Partners. In 2015, the company received a C round of strategic investment from Meituan. In 2017, Meican won the D round of investment from Goldman Sachs. In 2018, it received a D+ round of investment from Sunshine Insurance Group. And in 2019, it received strategic investment from Sodexo.
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Meican, jointly founded by Zhao Xiao and Xu Yang in 2011, is a digital group meal ordering platform that helps customers improve their catering experience and management efficiency in an all-round way and has built multiple supply chains for the industry. The products and services provided by Meican can be found in nearly 100 cities in China, including Beijing, Shanghai and Shenzhen, serving thousands of customers and cooperating with tens of thousands of merchants.
Some of its largest customers include ByteDance, Alibaba, SF Express, China CITIC Bank and China Pacific Insurance Company.