GGV, Tiger Global lead $50m round for China bakery brand

The company - officially known as Tiger Attitude Chartered Pastry Bank - opened its first store in Changsha in 2019. It soon became a hot spot for social media check-ins by young people and it gained traction on online platforms such as Little Red Book.

Tiger Attitude claims to be the first brand to rejuvenate Chinese bakeries. This is achieved by combining traditional craftsmanship with Eastern and Western ingredients and baking methods. There is a greater emphasis on product quality than in mainstream Chinese bakeries, for example by using raw materials with reduced sugar content. The goal is to appeal to the younger demographic.

In its early days, the company screened more than 700 single-product formulas and optimized them, creating the categories currently available. This standardization ensures stability of flavor. For certain categories, fresh baking on-site is required.

Mature stores in Established locations in Changsha and Guangzhou achieve daily sales of RMB20,000 ($3,100) per 3.3 square meters of shop space. This is said to be considerably higher than traditional bakeries and fast-food outlets.

The new funding will go towards expansion into new cities, according to a statement. The first Shanghai store is about to open and contracts have been signed for about 70 more across several cities. Every store will be directly operated rather than under a franchise model.

“Combining the taste memory of Chinese people and the cultural self-confidence of the young generation, Tiger Attitude is going to transform the traditional Chinese pastry industry with its groundbreaking combination between Chinese and Western-style methods and products, its packaging upgrades and its innovation capability,” said Chen Tong, a partner at IDG.

A host of new consumer brands are catching on in China by virtue of rolling out products that resonate with younger people. Several food and beverage brands have received VC funding, among them Saturnbird, Genki Forest , Wangbaobao, and Baijia Food.

At the same time, as online traffic becomes increasingly expensive, offline models like that pursued by Tiger Attitude are more attractive.

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• Topics
• Greater China
• Early-stage
• Consumer
• China
• Food
• IDG capital
• Sequoia Capital
• GGV Capital
• Tiger Global Management