(Yicai Global) Dec. 11 -- Chinese office vending machine startup Xedaojia has secured CNY200 million (USD30.3 million) in B-round financing, and will use the funds it raised to expand its service network, 36kr reported.
Zijue Capital Management Co. and Hainan Development Holdings Co., an affiliate of the Hainan government in South China, backed the Beijing-based group.
The firm defines its target clients as companies with more than 100 employees. This is because bigger businesses have lower staff turnover rates, and their workers are better educated, making it easier for Xedaojia to foster long-term partnerships with them, said founder Rong Guang.
Its existing clients include Fortune Global 500 companies and tech unicorns such as Tencent Holdings Ltd. [HK:0700], NetEase Inc. [NASDAQ:NTES], Baidu Inc. [NASDAQ:BIDU], Didi Chuxing Technology Co., China Merchants Bank Co. [SHA:600036] and ChinaVision Media Group Ltd. [HK:01060], the movie production arm of Chinese e-commerce behemoth Alibaba Group Holding Ltd. [NYSE:BABA].
Instead of simply selling products in offices, Xedaojia sees workplace vending service as a new channel to transmit product information to consumers, Rong said.
About 15 to 20 percent of the products it pushes are premium snacks, and its other offerings are divided into three categories -- comfort food, snacks and drinks. The firm recently added fruits and fresh food items, and teamed up with Nestle SA [VTX:NESN] to develop snacks designed for office workers.
The company began operating in September last year. It pooled angel and A-round funds in June 2015 and August last year. It has received close to CNY400 million worth of investment to date.
As one of the leading players in the workplace vending service market, Xedaojia is one of the few enterprises in the field that a local government has backed.