[Exclusive] Chinese Pastry Chain Tiger Attitude Bags Millions of US Dollars in Latest Fundraiser
Jie Shuyi
DATE:  Jan 12 2023
/ SOURCE:  Yicai
[Exclusive] Chinese Pastry Chain Tiger Attitude Bags Millions of US Dollars in Latest Fundraiser [Exclusive] Chinese Pastry Chain Tiger Attitude Bags Millions of US Dollars in Latest Fundraiser

(Yicai Global) Jan. 12 -- China’s Tiger Attitude Chartered Pastry Bank had secured tens of millions of Chinese yuan, equivalent to millions of US dollars, in its latest fundraising round, Yicai Global learned exclusively from the founder of the Chinese-style bakery chain.

The fundraiser was co-led by existing investors GGV Capital and Sequoia Capital, a person with knowledge of the matter told Yicai Global. One party has already signed a deal, and negotiations with two or three other investors are ongoing. An official announcement should be made after the Lunar New Year holiday at the end of the month, he added. No mention was made of how the funds will be used.

It will be a welcome development as bakery startups fell out of favor with investors last year and it has been eighteen months since Tiger Attitude’s last funding round. In 2021, the Changsha, central Hunan province-based firm conducted two rounds of financing, attracting seven investors including Tiger Global Management, GGV Capital and Sequoia Capital.

Another bakery chain Dim Sum Bureau of Momo held five rounds of financing in 2020 and 2021 with seven participants such as ABC Capital, China Renaissance and Dragonball Capital. It, too, did not secure new investment last year.

Tiger Attitude, which adapts traditional Chinese pastry and cake making to the tastes of young consumers, has had a difficult time due to the Covid-19 outbreaks and at the end of last year it said it is shuttering some outlets and preparing to introduce the franchise model. It was also reported to be in arrears with employee salaries, payments to suppliers and renovation fees.

Slight adjustments have been made to the wages of a few non-frontline staff to offset the impact of the flare-ups, and there are ongoing discussions over payments with interior decorators due to disputes over the standard of work, the firm said when contacted by Yicai Global on Dec. 27.

Some staff are down with Covid-19 but otherwise operations are normal, it said at the time.

Editors: Shi Yi, Kim Taylor
 

Follow Yicai Global on
Keywords:   Tiger Attitude Chartered Pastry Bank