(Yicai Global) Feb. 20 -- Sichuan Baijia Foodstuff, a Chinese firm that makes convenience foods, has won CNY110 million (USD15.7 million) in A-round funding as the novel coronavirus epidemic leads to steep demand for easy meals.

Shenzhen Cowin Venture Capital Investments led the round with support from Qianhai Equity Investment and Changzhou Binfu Modern Services Fund, the Chengdu-based target said in a statement with Cowin yesterday. Baijia will use the cash, worth around 10 percent of its total equity, to expand production capacity and enhance its online and offline sales channels.

The firm took over CNY100 million worth of orders from Feb. 1 to Feb. 18, more than triple the CNY30 million it received in March last year, Chairman Chen Zhaohui told Yicai Global, adding Baijia is already planning another wave of fundraising.

"Our sales growth was pretty big," he said. "It's a result of the epidemic and shows that convenience food is a blue ocean market with great potential."

The sector has been struggling as of late while takeouts have surged thanks to meal delivery services from the likes of Ele.me and Meituan Dianping.

Editor: James Boynton