Chinese online food service Meican.com rakes in $10 mln Series B funds

Meican.com has closed $10 million in Series B funding. Nokia Growth Partners led the round with participation from previous backer Kleiner Perkins Caufield & Byers. In addition to the funding, David Tang, director, general manager and partner of NGP, will join Meican.com’s board of directors. Based in China, Meican.com is an online food ordering service.

PRESS RELEASE

Meican.com, a leader website of online food ordering in China, recently announced that it had completed USD10,000,000 in the series B fundraising led by NGP (Nokia Growth Partners, Nokia Growth Funds) and followed by KPCB, a series A investor. Meanwhile, David Tang, director, general manager and partner of NGP, former president of Nokia China and former global senior vice-president of AMD, will participate in the board of directors of meican.com.
Zhao Xiao, CEO of meican.com, said that the team had gathered rich experience in product research and development and offline operation by dint of long-term work in the field of food ordering, which made meican.com lead peers in terms of user search, ordering, placing an order to distribution and follow-up service experience. Market share continues to surge.
At present, meican.com has now provided the information on nearly 30,000 restaurants that provide online food ordering services in four first-tier cities (Beijing, Shanghai, Guangzhou and Shenzhen) and became one of products frequently used by urban white collar with users’ orders being at the average of about 15 times per month. Zhao Xiao reveals that meican.com has established a benign business mode and its monthly operating revenue reaches million yuan by collection of a certain proportion of commissions from merchants after food orders are placed by the users.
Meican.com has attracted many excellent talents from the industry and equipped with excellent senior management team. In addition to CEO Zhao Xiao and Xu Yang, a joint founder, Ren Zili, former senior market manager of Google, who is responsible for team’s offline operation in Babytree and Hu Guowu, who previously worked in “China Easy”, a large food ordering website, and was responsible for the business in Beijing, Shanghai, Guangzhou and Shenzhen, joined meican.com one by one and now are respectively in charge of market, marketing, operation and city expansion.
Zhao Xiao said that participation of several senior officers made the team more confident. After the series B fundraising is smoothly completed, it would be continuously dedicated to recruitment of first-class talents and continuously improve products and deeply explore merchants, user information digging and matching to provide more excellent food ordering service experience.
David Tang highly recognized the innovative product form, business mode and team of meican.com. He favored the future growth of meican.com since online food ordering, a typical O2O mode with strong market demand, high viscosity of users and large room for growth, is in conformity with the characteristics of NGP’s concentration on the projects on mobility and position all the time. NGP will continuously pay more attention to investment in local service projects in 2014, such verticals as catering, housing and automobile.
It is understood that the series B fundraising of meican.com has been finalized at the end of last year. The whole promotion is very rapid due to the deep accumulation of NGP in local service industry. Meican.com has previously obtained the series A investment in millions dollars from KPCB and angel investment in million yuan from Xu Xiaoping’s ZhenFund.
Meican.com, called China’s “GrubHub Seamless”, has been officially online in 2011. It may be seen that online food ordering websites across the globe are favored by venture capital and users. Both the USA’s Grubhub Seamless and the Britain’s JustEat have been actively preparing the IPO.
Accompanied by the domestic O2O wave, online food ordering has been highly concerned by tycoons and entrepreneurs and meican.com is dedicated to devouring greater market depending on the continuous accumulation in fund, technology, product and operation.

 

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