China's VC-backed Xing Bian Li acquires industry peer

Xing Bian Li, which means “new convenience,” was founded by several former executives at Meituan-Dianping. The company has about 10,000 vending machines and cashier-free convenience stores in public places and offices in 15 cities, selling daily items such as snack foods and soft drinks. Member customers scan product barcodes and payments are settled online.

Last month, the start-up raised a $15 million angel round led by Lightspeed China Partners. Several Chinese entrepreneurs and senior executives from Meituan-Dianping, including Tao Zhang and Xing Wang, also took part.

“China's new retail sector has developed from unmanned counters to office shelves, from unattended convenience stores to convenience store-type instant consumption circles. In this rapid development process, gaps have already emerged between various practitioners on all levels,” Herry Han, a founding partner at Lightspeed China, said in a statement at the time.

Chinese media reported that more than 30 start-ups operating in this space have received VC funding in the past few months. In September, Guoxiaomei, which is backed by BlueRun Ventures and IDG Capital, merged with VC-funded Fanqiebianli. The acquisition of 51 Snackbar points to further consolidation within the industry. 

Operating under a similar model to Xing Bian Li, 51 Snackbar has smart convenience stores and vending machines in more than 1,000 locations in Chongqing and Chengdu. The company raised RMB3 million ($450,000) in angel funding from undisclosed investors in June.

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• Topics
• Greater China
• Consumer
• Technology
• Early-stage
• Trade sale
• China
• TMT
• Venture
• Lightspeed Venture Partners
• M&A