(Yicai Global) Feb. 22 -- Panda Selected, a Chinese company that offers shared kitchen spaces, has raised USD50 million from international investors as it looks to expand across the country and augment its merchant services.

Uber backer Tiger Global led the round with support from existing investors DMC Ventures and Glenridge Capital, the Beijing-based firm said in a statement yesterday. The investment valued the startup at USD300 million, according to a Sina report that cited an anonymous source.

The new funds, which take Panda Selected's total fundraising to USD80 million, will be used to help the company double its venue count within the next eight months. Founded in 2016 by Li Haipeng, the company already has 100 kitchens nationwide. Each is between 400 and 500 square meters and accommodates up to 20 restaurants.

"The shared kitchen concept is a critical piece to keeping up with China's $33 billion food-delivery market," DCM co-founder Hurst Lin said in the statement.

Without space potentially wasted on seating areas, shared kitchens aim to reduce overhead costs for catering companies and restaurants looking to tap that rapidly expanding meal delivery sector. Panda Selected also offers commercial services, such as marketing and data analysis, to help restaurateurs tweak their menus and rack up sales on delivery platforms like Meituan Dianping and Ele.me.

While the company is yet to turn a profit, Li is confident it will hit break even later this year, per Sina's report.

Editor: James Boynton