Huawen Food produces a large range of snacks and has secured the investment from agricultural group Joyvio as part of a strategic partnership agreement.
China-based snack food producer Huawen Food has raised RMB300m ($44m) in funding from Joyvio Group, an agribusiness and farming subsidiary of conglomerate Legend Holdings, China Money Network reported today.
The commitment forms part of a strategic partnership agreement with Joyvio intended to build up Huawen into a leading brand across China. Joyvio’s investment also means Huawen has a partner with agricultural, logistics and supply chain operations internationally.
Huawen Food sells snack food products such as pickled fish and flavoured tofu under its Jinzai brand on e-commerce marketplaces such as JD.com, Alibaba’s Tmall and Yihaodian, as well as through 1,000 partner retailers in China. The company has more than 2,000 members of staff.
Huawen Food has not released details about previous funding rounds but the company has been active in various incarnations for more than 20 years.
Chen Shaopeng, chairman of Joyvio Group, said: “Through this investment and our strategic alliance, we hope to make Huawen Food a leading snack food brand in China, providing delicious and healthy choices to Chinese consumers.”