China-based online food ordering platform Meican.com scores $10M in Series B round
Chinese online food service site Meican.com secured $10 million for its Series B funding round, a statement about the funding said.
The round was led by Nokia Growth Partners. Kleiner Perkins Caufield & Byers, a previous investor, also joined in the round. As part of the deal, Nokia Growth Partners Director, General Manager and Partner David Tang will join the Board of Directors of Meican.com, the statement said.
Proceeds from the round, which was completed at the end of last year, will be deployed towards recruitment of quality personnel, the continuous improvement of its products and providing its customers with a better food ordering experience, the statement said.
Meican.com Chief Executive Officer Zhao Xiao said in the statement that the team at the online food service startup, which had officially launched in 2011, had extensive experience in product research and development because they previously worked in the food ordering space for a long period of time. This has allowed Meican.com to lead the market when it comes to providing users with searching, ordering and follow-up service, the statement said.
Meican.com currently has almost 30,000 restaurants providing online food ordering services in its platform. These restaurants serve Beijing, Shanghai, Guangzhou and Shenzhen. White collar workers in the urban areas order an average of 15 times a month on Meican.com. According to Zhao Xiao, the business has an operating revenue of CNY 1 million each month which it generates from a part of the commissions it gets from merchants after the customers place their orders. Its share in the market continues to rise, the statement said.
Dubbed as the "GrubHub Seamless" of China, Meican.com, was able to get millions of dollars in investment from KPCB as well as CNY 1 million angel investment from the XhenFund of Xu Xiaoping. All over the world, venture capitalists are supporting online food sites like that of GrubHub Seamless in the USA and Britain-based JustEat, the statement said.