Tiantu leads $63m round for China fruit store chain
Chinese fruit store chain Pagoda has completed a RMB400 million ($63 million) Series A round of funding, with consumer-focused GP Tiantu Capital contributing RMB350 million.
GF Xinde Investment Management also participated in the round.
Shenzhen-based Pagoda was established in 2001. It operates more than 1,200 fruit stores in 19 Chinese cities. With the new funding, Huiyong Yu, Pagoda's chairman is looking to open 100 new outlets in Beijing.
The company will also improve its supply chain infrastructure and quality control processes, and expand online sales channels.
Tiantu wants to leverage the increasing sophistication in China's fruit retailing industry, and Pagoda is expected to become a leading brand, Tiantu's president, Yonghua Wang, said in the statement.
Founded in 2002, the consumer specialist manages six renminbi-denominated funds and one US dollar-denominated fund, which has RMB6 billion in assets under management. Earlier this year it backed online grocery service FreshMart.
Other private equity investments in fruit retailing specifically include FruitDay, which received around $10 million from ClearVue Partners and SIG Asia Investments in 2014.
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