Fosun Capital leads $80m Series B for China’s BingoBox

The two-year-old company has about 300 stores in 29 cities across the countries. Like other cashier-free convenience store start-ups, BingoBox customers buy daily items like soft drinks and snack food by scanning product barcodes and payments are settled online.

In line with the new funding, BingoBox has launched a new unmanned cashier solution, BingoBox Mini. Similar in size to an oven, BingoBox Mini is easier to deploy in public places with lower operational costs. The new capital will be used to improve its technology and scale up its operation by opening more stores in Chinese cities.

“BingoBox provides daily consumer goods in a data-driven and intelligent way, and in areas that are not covered by traditional retail players. This kind of scenario represents the future trend of the retail industry,” Eric Huet, a managing partner at Ventech China, said in a statement.

While a number of start-ups operating in this space have received VC funding in the past few months, the industry is also consolidating. For example, PE-backed Bianlifeng acquired a controlling stake in its peer Lingwa, while Shanghai-based Xingianli also acquired industry counterpart 51 Snackbar. Prior to that, Guoxiaomei, which is backed by BlueRun Ventures and IDG Capital, merged with VC-funded Fanqiebianli.

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• Topics
• Greater China
• Technology
• Early-stage
• Consumer
• China
• TMT
• GGV Capital
• Fosun Group
• Qiming Venture Partners
• Venture