AVCJ

ClearVue leads $30m round for Chinese convenience store chain

  • LinkedIn  
  • Google plus  
  • Save this article  

Consumer-focused GP ClearVue Partners has led a RMB200 million ($30 million) Series B round of funding for I Believe, a Chinese convenience store operator.

Several undisclosed US-based private equity firms also participated in the round, the company told local media.

Operated by Henan Boya Zhidao E-Commerce, I Believe (known as Aibianli in Chinese) was founded in 2012. The company has opened more than 1,500 self-operated and franchised convenience stores in China as well as building an online retail business. Last year, revenue came to RMB600 million. 

I Believe's other business line involves supplying goods to third-party convenience stores. The company's online platform connects small convenience stores and manufactures. By grouping together small shops to source goods from wholesalers, the company buys in bulk and so get better prices.

ClearVue previously committed RMB110 million to I Believe in a Series A round. Proceeds of the latest round will be used to upgrade the appearance and function of stores, expand into new service areas, and for brand enhancement. 

ClearVue invests in food and beverage, consumer products and consumer mobile segments. Its portfolio includes online grocer Fruitday, Japanese cuisine restaurant chain Askasakatei and Europe-based cosmetics products maker Intercos.

  • LinkedIn  
  • Google plus  
  • Save this article  

More on Greater China

Latest News

world-hands-globe-climate-esg
Asian GPs slow implementation of ESG policies - survey

Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...

  • GPs