(Yicai Global) May 25 -- Chinese smart retailer Bianlifeng has just completed a new round of financing and will invest the USD1.5 billion it has raised so far into more unmanned convenience stores, the firm told Yicai Global today.

No details were provided about the investors or amounts involved in the Beijing-based company’s latest fundraising.

So far, operator Ziyoufeng E-Commerce has amassed USD1.5 billion over several rounds from global private equity firms, sovereign wealth funds, university-invested funds and Internet companies since its founding in 2016, according to online news portal Tencent News.

Bianlifeng needs funds to build China’s largest fresh produce supply base in Tianjin’s Wuqing district, Executive Director Xue Enyuan said previously. The first phase will cover about 30,000 square meters and is expected to be completed by the end of next year.

The smart retailer also plans to open as many as 10,000 more shops in the next three years in cities such as Guangzhou in southern Guangdong province and Zhengzhou in central Henan province. All these plans need to be supported by a huge amount of money, Xue added.

The firm’s Beijing stores are already turning a profit and its entire nationwide business is expected to make a quarterly profit this year, an anonymous investor told Yicai Global. The company had accomplished its goal of opening 1,000 outlets by February, Xue added.

Bianlifeng raised USD556 million through two fund-raising events in February 2017 and October 2018. It has yet to confirm the receipt of USD256 million from Tencent Holdings and Hillhouse Capital Group in 2018, according to business data search platform Tianyancha.

Editors: Xu Wei, Kim Taylor