LionRock leads $11m round for Chinese casual dining chain

The company has now raised $18 million in the last two months after several participants in the Series B round last year exercised warrants that had been granted to them. The investors were Mitsui Global Ventures, Hotung Venture, 51Job.com founders Norman Lui and Michael Feng, and Koh Boon Hwee, former chairman of DBS Bank and Singapore Airlines.

Another $2.5 million in venture debt financing was provided by Western Technology Investment, a Silicon Valley-based firm that supported Facebook and Google in their very early days.

The capital will be used to open more Cloud 9 outlets in eastern and northern parts of China. YPX launched its first restaurant in 2010 and is on course to have 30 outlets in Shanghai, Hangzhou, Nanjing, Changzhou, Hefei, Beijing and Tianjin by the end of the year. It wants to expand to 90 outlets within two years.

"With its excellent quality but highly affordable food offerings and increasing popularity with Chinese consumers, YPX is well-positioned to establish itself as a leader in the rapidly growing Chinese food and beverage industry," said Daniel Tseung, managing director of LionRock. "Combined with financial support, LionRock will also provide YPX with access to its extensive network of leading entrepreneurs who will assist in further accelerating YPX's strong rapid growth."

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• Topics
• Venture
• Greater China
• Consumer
• China
• Consumer
• Venture
• Qiming Venture Partners