Goldman backs China food delivery platform Meican

Financial terms were not disclosed. Goldman said in a statement that it was impressed by Meican’s leading position in the corporate market and the competitiveness of its team.

Meican started out in 2011 as a consumer-focused food-ordering and delivery platform, competing with the likes of Ele.me and Meituan-Dianping. It then switched its focus to corporate clients – typically medium-to large enterprises with more than 2,000 employees, with services ranging from staff lunches to corporate catering. Meican claims to have 20,000 merchants on its platform, including restaurants chains and private kitchens, and thousands of corporate clients such as Alibaba Group, Didi Chuxing and Walmart.

ZhenFund and Unity VC provided angel funding to the firm, while KPCB led a Series A round in 2012. One year later, North Growth Partners providing Series B funding, with TrustBridge Partners participating in an extended Series B in 2014. The company raised a RMB140 million ($20 million) Series C round from Meituan-Dianping in 2015.

Meican will use the latest capital injection to expand its client base, hire more staff and improve services as part of efforts to provide a better user experience.

Goldman Sachs Investment Partners’ venture capital and growth equity funds have deployed more than $6 billion across 100 transactions globally since 2003, including Uber, Facebook, Spotify, Pinterest, and Delivery Hero. The team is located in New York, San Francisco, Hong Kong, Mumbai, and Bangalore.

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• Topics
• Greater China
• Expansion
• Technology
• Consumer
• China
• TMT
• Venture
• Goldman Sachs
• Growth capital