Sanquan Food-backed convenience store operator Guoquan Shihui has raised $60m in series C funding to bring its total capital to more than $123m.
Guoquan Shihui, a China-based hotpot and barbeque ingredient retailer backed by packaged food producer Sanquan Food, today secured $60m in a series C round led by investment firm GenBridge Capital, according to DealStreetAsia.
IDG Capital, Vision Knight Capital and Buhuo Ventures also took part in the transaction.
Founded in 2017, Guoquan Shihui operates a chain of approximately 4,000 convenience stores across 24 provinces and municipalities in China that specialise in ingredients for hotpot and barbeque dishes.
The series C round has been allocated to bolstering the supply chain, product and IT development, and recruitment.
Guoquan Shihui has now raised more than $123m in funding altogether. IDG Capital led a $50m series B round in February this year, with participation from Vision Knight Capital and Buhuo Ventures.
Sanquan Food and Buhuo Ventures injected $7m in series A-plus funding in October 2019, three months after the latter had supplied $6.4m in series A capital.
