China’s Tiantu commits $32m in dining mobile app
Chinese consumer-focused GP Tiantu Capital has invested RMB200 million ($32 million) in a Series A round of funding for Kaizhuo, a mobile app can be used to make restaurant bookings and payments.
The transaction was confirmed on Kaizhuo's official Weibo microblog. The new capital will be used to develop mobile payment technology and build relationships with more merchants.
Operated by Beijing Yacol Information Sharing Technology, Kaizhuo was launched in 2014. It alerts users to restaurants offering discounts during lunch hours and also functions as an e-wallet to pay for the meal. Dining operators can open accounts on Kaizhou and attract customers through promotional campaigns.
There are currently 12 restaurant chains in Beijing, Shanghai and Beijing participating on the platform.
Tiantu closed its sixth renminbi-denominated fund at RMB1 billion in August last year. Recent investments include Chinese restaurant chain Ganqishi, Qinqhai Xiaoxiniu Biological Dairy Industry, food seasoning producer Sinchuan Gaofuji Food and Inmotion Technologies, a manufacturer of sensor-controlled vehicles.
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