Posted by TechInAsia
Online food ordering site Meican has secured US$10 million in series B funding to help it grow and expand into more cities across China. NGP Capital (Nokia Growth Partners) was the lead investor in Meican this time, along with first-round investors KPCB.
When we first looked at Meican – which is roughly pronounced ‘may-tsahn’ – shortly after its launch in 2011, the startup covered about 9,500 restaurants only in the Beijing area. Since then it has grown to have partnerships with 35,000 restaurants and fast food joints in five cities – the capital, plus Shanghai, Guangzhou, Shenzhen, and Tianjin. It takes a commission from restaurants on each order, making it free to use for customers. Prominent angel investor Xu Xiaoping joined KPCB in Meican’s previous series A round. Rocket Internet’s Foodpanda doesn’t operate in mainland China, but Meican has plenty of rivals in the country in this online takeaway sector, such as Daojia. But perhaps the biggest threat to all these foodie startups is Dianping, China’s top Yelp-like site, which added food ordering in a few cities earlier this year. After Tencent’s recent investment in Dianping, it’s plausible that food ordering could be baked into WeChat in China, which would steamroll – Mmmmm… steamed rolls – all startups in this sector.
Read more: Online food ordering service Meican gets $10 million funding to grow in China http://www.techinasia.com/meican-online-food-ordering-startup-gets-series-b-funding/
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