(Yicai Global) March 12 -- Internet and direct marketing retail company Lyan, which offers coffee delivers services through its online platform Coffee Box, has raised CNY158 million (USD25 million) in B+ round of funding, it said today. The investment shows investors’ confidence in online retail and delivery services in food and beverages, F&B, market.
Qiming Venture Partners led this round, followed by Banyan Capital. However, Lyancoffee and the investors gave no further details about investment amounts.
“Coffee Box represents a new retail company with a profound internet background. By creating a series of new-type product experience and operating measures in a short term, it achieved a handsome growth rate,” said JP Gan, managing partner of Qiming Venture Partners.
Coffee Box, as one of the new online retail platforms, established a booking and operating system based on its WeChat official account LyanCafe, which places importance on sharing and circulation of coffee based on interpersonal relations.
Last year, it introduced over 30 different kinds of coffee beverages including popular series Bullet Proof and Pink Coconut Water, showed publicly available information. By the end of last year, over 100 ‘coffee stations’ of Coffee Box have become fully profitable, with almost 400,000 cups of coffee sold on Dec. 12.
The company aims to expand its brand at a faster rate to cover everywhere in China this year, said Zhang Xiaogao, CEO of Coffee Box.