Legend, Joy Capital lead $60m for China's Vingoo Juice
Vingoo Juice, a Shanghai-based start-up that develops fresh orange juice vending machines, has raised a RMB400 million ($60 million) Series B round jointly led by Legend Capital and Joy Capital. Yunqi Capital also took part.
Operated by Shanghai Giant Investment, Vingoo's vending machines are stocked with whole oranges that are peeled, squeezed, and served in a cup in just a few seconds. Customers can settle the payments online. The company monitors the supply and working condition of machines remotely through its technology platform.
Since its inception in 2013, Vingoo has expanded to 176 cities across China, placing more than 3,000 machines in subways, theaters, and tourist attractions. It claims to serve over four millions of cups of orange juice every month.
The company raised a Series A round of undisclosed size in 2014. The new capital will go towards expansion upstream and downstream, including the establishment of company-owned orange farms and the addition of more vending machines, Vingoo said in a statement. It will also further develop an unmanned retail model.
Erhai Liu, founder of Joy Capital, said it is more important for retail businesses to develop strong supply chains and product selection capabilities than to produce disruptive technology. He noted that the Vingoo team has a lot of relevant experience and taken steps to address these issues.
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