Meridian, Eastern Bell in $14m round for China's Putiandi

The other investors in the Series A round were PGA Fund and existing backer GoHigh Fund, which committed RMB20 million in a pre-Series A round last year. Putiandi will use the new capital to optimize the customer experience on its platform and add innovative marketing capabilities for clients, according to a release.

Founded in 2015, Putiandi manages a platform through which businesses can lease empty space in shopping malls and retail spaces on a short-term basis. Businesses can use the spaces, typically available for rental by the day, week or month, to conduct promotions or customer research. The company is headquartered in Shanghai, operates in more than 40 cities throughout China and has strategic partnerships with nearly 3,000 shopping malls.

Such temporary rental arrangements, known as pop-up shops, are common in the US and Europe and are becoming increasingly popular in China. The model allows brands to connect with customers in person without the burden of long-term property ownership, and can also help drive customer traffic to shopping malls that have suffered from low attendance due to the rise of e-commerce.

Eastern Bell manages a venture capital fund of funds and also directly invests in start-ups, primarily focusing on the e-commerce and logistics industries. Recent deals include a $36 million Series C round for Beijing-based online truck logistics platform Fuyoukachu led by Legend Capital.

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