Led · Series B · Jan 2024

M Stand is a newly emerged coffee chain positioned on “better coffee and more fashionable social space.” Since entering the market earlier this year, the brand has pursued aggressive physical expansion, growing store count multiple-fold at a pace of over 10 new stores in a single month. It has expanded beyond Shanghai into Hangzhou, Ningbo, Shenzhen and Guangzhou, and is targeting scenes including business, leisure, community and transport hubs. The company emphasizes a trendy brand DNA to move from a social-media “check-in” destination into mainstream consumer segments. M Stand recently completed a sizable financing round, which the company has framed as supporting its rapid roll-out and commercialization. EIKAI Capital served as the company’s chief financial advisor on the transaction.

Participated · Series A · May 2021

零食很忙集团, formed after a strategic merger between 零食很忙 and 赵一鸣零食, operates over 6,500 stores across more than ten Chinese provinces. The group focuses on scaled snack retail and channel operations, using its scale to reduce costs and pass savings to consumers and franchisees. It has previously attracted investment from 红杉中国, 高榕资本, 启承资本, and 黑蚁资本 and has received several hundred million RMB in prior funding. On December 18 in Changsha, Hunan, 好想你 and 盐津铺子控股 signed a strategic cooperation investment agreement to inject RMB1.05 billion (RMB700M and RMB350M respectively) into the group. Management says the new capital will be used for supply-chain and warehousing construction, product upgrades, digitalization, market development, and brand building. The partnership with two leading food manufacturers is intended to deepen supply-chain integration, improve delivery efficiency, expand product reach, and accelerate the group’s channel and market growth. Snack Is Busy is a Chinese snack-chain brand that operates a network of franchised retail snack stores. The company says it has grown to over 450 franchise stores. It focuses on retail snack retailing and brand expansion across China. Snack Is Busy raised 240 million yuan ($37 million) in a Series A round of financing. The company plans to use the proceeds for market expansion across China and to spruce up marketing and branding efforts. Snack Is Busy cited Ministry of Commerce data that China’s snack market is expected to reach 4 trillion yuan ($619 billion) by 2024.

Participated · Series C · Feb 2019

Panda Selected is a Beijing-based shared-kitchen company that provides commercial kitchen space and facilities for multiple restaurant brands. It operates roughly 120 locations across China's major cities, including Shanghai, Beijing, Shenzhen and Hangzhou, with kitchens typically about 5,000 square feet and able to host up to 20 restaurants each. The startup works with more than 800 domestic catering brands, including Luckin Coffee, Kungfu and TubeStation. Panda Selected raised $50 million in a Series C and has $80 million in total funding to date. Founder Haipeng Li said the company expects to double its location count over the next eight months. The company was founded roughly three years ago and is competing in China's expanding food-delivery market, which the article notes is worth about $37 billion.