The alcoholic beverage distributor's Country Garden-led series A round took its overall funding close to $157m.

Country Garden Venture Capital, an investment subsidiary of real estate developer Country Garden, has led a RMB600m ($94m) series A round for China-based alcoholic drink distributor Baoyun Group, DealStreetAsia reported yesterday.

Being Capital also participated in the round, as did existing backers Matrix Partners China and Dayone Capital.

Baoyun, which officially launched in May 2020, distributes a variety of alcoholic products such as wine and whisky as well Chinese spirits including Wuliangye and Maotai.

The company intends to use the funding to further develop its line of products, secure partnerships with alcohol brands and build up its network of brick-and-mortar stores.

Baoyun has raised nearly $157m of overall funding across angel, pre-series A, pre-series A-plus and series A rounds, according to DealStreetAsia, which also named investment bank China International Capital Corporation’s CICC Capital subsidiary, Crystal Stream and Foho Investment as existing investors.