CMC backs Chinese play center operator

The company’s family centers are aimed at children aged 1-10 years, providing activities such as game simulation, cooking and reading. There is an emphasis on parent-child interaction, with a range of retail, restaurant and customized party options.

Neobio opened its first center in Shanghai in 2017 and has since expanded into Hangzhou and Nanjing as well. It has been described as “indoor Disney” The plan is to open 40-50 facilities – each one 4,000-5,000 square meters in size – in first and second-tier cities over the next five years. The aim is to offer a learning, leisure and consumption concept to middle-class families.

“The offline children’s consumption segment is on the rise and the play industry as a whole is undergoing a structural adjustment. Parent-and-child activities are in strong demand, but the current product offerings are not of consistent quality. With our product development and operational support, Neobio can fully meet the needs of middle-class families and become the industry leader,” said Weicai Li, a partner at CMC, in a statement.

CMC was established in 2010 by Ruigang Li, a former president of Shanghai Media Group. It has invested in more than 40 companies across entertainment, consumption and technology, of which over 10 have gone public. The firm closed its second US dollar-denominated fund at $600 million in 2017 and made a filing for a third in December 2018. CMC also has two renminbi funds.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Greater China
• Consumer
• Early-stage
• China
• China Media Capital