Meican Closes its E2 Round of Financing -- Bringing the Total Amount of Round E Financing to More Than ¥1B
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Meican, a leading digital group meal platform in China, announced its E2 round of financing exclusively from existing investor Sodexo. This completes the company's Round E financing with the total exceeding ¥1B (approx. $157M). With this E2 financing round, Meican has now received the largest accumulative financing in the Chinese group meal industry. This round of financing is aimed to promote digital innovation, speed up the client acquisition in the global market, build a diversified supply and supply chain system, and enlarge the business coverage.
NGP Capital first invested in Meican in 2013 for its round B financing and made a substantial follow-on investment in round C.
"Meican is well positioned at the cross of enterprise service and catering, two very huge sectors. The domestic group meal market is undergoing transformation and we believe that with the new capital injection, Meican will further accelerate its development and become the industry giant." Yao Ge, Managing Partner of NGP Capital stated.
Relying on data intelligence and digital innovation, Meican works together with Sodexo to create a seamless dining experience in multiple scenarios, pushing the shift from traditional cafeterias into digital cafeterias. It will invest and introduce more intelligent devices and solutions to break the traditional dining mode, delivering efficient, convenient, and diverse dining experience. Meican will deepen cooperation with Sodexo to speed up the penetration into international market by leveraging Sodexo's good brand, global business network and mature management.
Zhao Xiao, co-founder and CEO of Meican, said that with innovations in technology, management and service, Meican will, together with Sodexo, enter more industries and bigger markets quickly. In the future, it will expand its leading advantage in group meal sector, fuel deep combination of technology and industry, and create greater commercial value.
Read more about Meican's Series E investment round here.