YPX Cayman Completes Second Round of Financing
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Company aims to build a large F&B chain platform with leading investors
SHANGHAI, Oct. 31, 2011 /PRNewswire-Asia/ -- YPX Cayman Holdings Co.,Ltd. (http://www.ypxfood.com/zh-cn/) announced today the closing of its second round fundraising. The company has secured US$20 million from leading global venture capital firms including Qiming Ventures, Hotung Investment and Mitsui Global Investment. They also attracted personal investments from renowned entrepreneurs such as former DBS Bank and Singapore Airlines Chairman Mr. Koh Boon Hwee and Nasdaq-listed 51Job.com founders Mr. Norman Lui and Mr. Michael Feng Yunlei. With this new fund, YPX Cayman will quickly open more stores in the Eastern and Northern part of China; in line with its strategy of building a large fast casual food and beverage (F&B) chain platform.
"I feel extremely honored to be recognized and trusted by so many well-known investment firms and entrepreneurs. China has an enormous potential for a business like ours and we are poised to double our growth over the next one year. Whilst doing so, we simultaneously strive to perfect our food and services, and endeavor to continuously improve on our management and efficiency. Ultimately, we aim to build a multi-brand F&B platform in China by bringing in more brands with the help from our investors," said YPX Cayman Chief Executive Officer Chris Tay.
Mr. Hans Tung, Managing Director of Qiming Ventures, said: "Qiming Ventures was the sole investor of YPX Cayman's in its first round of financing. We have been supporting the company since the day one. I am very proud of the team's professionalism and execution skills. I strongly believe that with a great team, a F&B platform can be just as successful as an internet company’s platform."
Ms. Jennifer Huang, President of Hotung Investment, which led the second round of financing, said: “In China, Chinese-style casual F&B is a more attractive option for consumers than western-style casual F&B. The key of establishing a strong footprint in the market is to provide products and services with a higher price/performance ratio as well as standardization of production and management. YPX Cayman is definitely working towards this direction.”
Mr. Shunsuke Masaki, Head of Consumer Investment, Mitsui Global Investment, added: “We're glad that YPX Cayman is striving to achieve the strategic goal of building a casual F&B chain platform. We believe that under the leadership of existing executives, the company will meet the goal. Mitsui Global Investment has invested in more than 15 F&B companies in Japan and we hope to make more brands available in China through YPX Cayman.”
About YPX Cayman Holdings Co.,Ltd.
Founded in Shanghai in 2010, YPX Cayman focuses on the management of casual (F&B) chain in China. CLOUD 9, the company’s first brand, mainly focuses on the Taiwanese casual F&B and snacks segment. The brand now has 10 stores in Shanghai and is expected to open stores in Beijing and markets around Shanghai by the end of this year. The company's management team, with a combined of over 80 years of experience in the F&B chain management, continuously improves their standard and management level, valuing quality as their first goal. The company aims to establish a large platform in the casual F&B chain in China.
About Qiming Ventures
With offices in Shanghai, Beijing and Hong Kong as well as the Seattle, Qiming Ventures manages funds exceeding US$1 billion and is dedicated to investing in the high-growth promising enterprises in China. The company invested and successfully nurtured these companies to IPO: Jiayuan, ChinaCache and Taomee. It has investments also in category leaders like Vancl, eHi, Xiaomi, PPS TV, Arrail and Kaixin001.
About Hotung Investment
Hotung Investment, a venture capital company with over 20 years of experience, focuses on investing in the high-tech and high-growth companies in China and the US. The company has over 140 successful exits through the initial public offering in main capital markets. Notable investment cases in China include Vancl, Lakala, ku6, CGEN Digital and Bitauto.
About Mitsui Global Investment
Mitsui Global Investment, a wholly-owned subsidiary of Mitsui, focuses on investing in high growth enterprises worldwide. Headquartered in Tokyo, the company has set up offices in Beijing, Shanghai, Silicon Valley and New York and has built a network covering Japan, the US and China. With its global network and resources, Mitsui Global Investment helps its portfolios expand in overseas markets by providing them with strong cross-sector, cross-border support. Mitsui Global Investment's investments in China include iSoftStone, Prudent Energy and Ftuan.SOURCE　YPX Cayman