China online campus convenience store secures $31m
Shenzhen Capital Group has led a RMB200 million ($31 million) pre-Series B round of funding for 59store.com, a Chinese online convenience store focused on serving students.
Legend Capital, online finance platform 9Fbank.com and Chinese enterprise O.R.G. also participated. The company said in a press event that it will use the capital to expand market share and improve its services and products.
Founded in 2011, 59store.com sells and delivers drinks, snacks and other school supplies in over 1,700 schools. It claims to receive more than 200,000 daily orders and plans to add 300 more schools under its coverage by the end of this year, as well as to launch online loan products under partnership with 9Fbank.com.
The online convenience store received RMB30 million in a Series A round in March from Legend and Shenzhen Capital.
Earlier this year, 9Fbank.com raised $110 million in its latest round of funding from VC firms IDG Capital Partners and SIG Asia and other financial intuitions and individual investors. The platform started out as an online finance marketplace in 2006 through which users could search for offline lending services. It soon expanded to wealth management services through cooperation with commercial banks and micro-finance operators.
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