China's ClearVue leads round for Japanese-style restaurant chain

The new funding will be used to accelerate the company's growth in Shanghai, Beijing and the provinces of Zhejiang and Jiangsu, a statement said. It plans to open restaurants in 15 to 20 cities this year, with the overall aim of opening a total of 40 locations.

The company currently operates 25 restaurants in Shanghai, Nanjing, Ningbo and Beijing.

Founded in 2008, Akasakatei - know for its beef steak - is an all-inclusive Teppanyaki, BBQ and Japanese-cuisine restaurant. Zhongwang You, founder and CEO of the company, worked in the beef trading business where he gained knowledge about meat supply operations.

"Chinese consumers are demanding higher quality food and more innovative dining experiences - and they are buying into brands with a strong profile and identity," said Harry Hui, managing partner of ClearVue Partners. "Mr. You is a seasoned professional, runs a very tight operation and is respected by his employees. His execution has been truly impressive."

The company claims China's restaurant industry has see compound annual growth of 19% over the past decade, outpacing retail growth of 14% during the same period. It is estimated the restaurant industry will grow to RMB4 trillion by 2015. Japanese-style food is one of the top five cuisines preferred by Chinese customers.

In February, the PE firm closed its debut fund - The ClearVue Partners Fund I - at $262 million. It will invest in consumer deals in Greater China, specifically in the food and beverage, consumer products and consumer mobile sectors.

Earlier this month, it made the fifth investment from the fund, leading a round of funding for Fruitday, a Chinese fresh fruit online store.

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• Topics
• Greater China
• Consumer
• Expansion
• China
• ClearVue Partners
• Consumer
• Growth capital