For consumption sector, we at EqualOcean have identified 20 companies worth watching in Q4 2022. The core criterion is to receive venture capital investments of over USD 10 million on average or the equivalent value in CNY in a single round. When compiling the list, we also considered factors such as growth prospects, brand influences and reputation, as well as planned expansions.
In the fourth quarter of 2022, China's startups continue to attract enormous venture funds despite multiple challenges. Amid fast-paced changes that fill the business community with excitement, angst and trepidation, EqualOcean will publish a series of roundup articles to document the major fundraising events that took place in Q4 2022 across a spectrum of industries.
The companies spotlighted are of all sizes and at different levels of maturity, consisting of Series D firms to growth-stage startups whose innovations are currently nothing more than a much-hyped concept. We believe that this mix of players, large and small, well-known and obscure, established and incipient, and the investors that throw their weight behind them, presents our readers with a Who's Who: It shines a light on the future directions of China's industry and tech evolution. What's more, we hope the EqualOcean series will offer insights for interested investors, entrepreneurs and China-focused observers.
From SMEs about to make their mark on the market, to well-established companies that have already raised significant funds and are still seeking further capital injections, here's a list you won't want to miss.
Orvibo (Chinese: 欧瑞博) received a strategic financing round from Dongpeng Holdings (Chinese: 东鹏控股) on November 11, to jointly explore the trillion-dollar market of whole-house intelligence. Both parties will use their respective advantageous resources in brand, product, technology and channels to further deepen the integration of smart home business.
Orvibo is one of the leading smart home brands in China and has served over 3.5 million home users worldwide with whole house smart products. Its market shipments ranked first in smart home central control screens.
Zhengong spirits (Chinese: 真工酒业) completed a strategic financing round of CNY 600 million from Dayone Capital (Chinese: 日初资本) on November 3. This round of financing will be used for continuous brewing, brand building and technology improvement.
Founded in 2021, Zhengong spirits is a sauce spirit brand located in the core Moutai sauce spirit region.
Chinese B2B intelligent marketing company Bailian.AI (Chinese: 百炼智能) raised CNY 100 million (USD 13.8 million) from Pre-B series financing round on 7 November. The round of funding was led by Enlight Growth Partners (Chinese: 明裕创投) and Fore Bright Capital (Chinese: 光远投资), followed by DeTong Capital (Chinese: 德同资本), and continued to be increased by the previous shareholder Orient Capital (Chinese: 东方嘉富) and Yunqi Partners (Chinese: 云启资本).
The funding will be used to develop products, strengthen marketing, and improve the competitive barrier of AI technology.
Bailian.AI is a Chinese B2B intelligent marketing service provider, founded in 2018, providing data-driven intelligent marketing SaaS products and digital solutions for companies with B2B marketing needs.
MANKU (Chinese: 满屋研选), a new retail brand of whole-house soft furnishings, received strategic financing from ZJU Future Innovation (Chinese: 浙大未来创新) and Gold Port Capital (Chinese: 紫金港资本) on November 1. This round of funding is mainly used for the promotion and expansion of the pioneering whole-house soft furnishing model in the national big house industry.
MANKU is a Chinese new retail brand of whole house home furnishing, oriented to whole house soft furnishing service, selecting products through the research and selection model, allowing consumers to enjoy a better home consumption experience.
McKinty (Chinese: 麦金地) received strategic financing of CNY 200 million from Jinbang Equity Investment (Chinese: 劲邦资本) and Teway Food Group (Chinese: 天味食品) on November 28. This round of financing will be mainly used for the group's digital transformation, talent introduction and national layout projects.
Founded in 2008, Mckintey is one of the leading brands in China's food industry. Its main business is group food management services and urban food safety investment and operation. It has initially formed a national supply chain cluster of "central kitchen + cold chain distribution + logistics terminal + health data."
Jiangji Distillery (Chinese: 江记酒庄), a winery owned by Jiangxiaobai (Chinese: 江小白), completed a Series B round of financing for a total amount of CNY 1 billion on October 20. The investor is Huaxin Assets, which is controlled by Chongqing Jiangjin District Huaxin Asset Management Group (Chinese: 重庆江津区国资委控股的华信资产).
The funds will be invested in technology development, production base, agricultural cultivation, winemaking and storage of old wines.
Jiangji Distillery is an important production base of Jiangxiaobai, producing products such as "Jiangxiaobai" sorghum wine and "Meijian" plum wine. Currently, Jiangji Distillery has 48,000 tons of old wine in storage each year.
Horwin (Chinese: 浩万) completed an angel round of financing of over CNY 100 million on November 1, invested by XVC and other institutions. Minerva Capital acted as the exclusive financial advisor.
Horwin is positioned as a new generation of global paradigm brand, focusing on high-performance electric motors. In 2022, Horwin expects orders for 50,000 units, and has already completed delivery of nearly 20,000 orders.
NAYUKI (Chinese: 奈雪的茶) made an announcement on December 5, announcing that it had signed an investment agreement with LELECHA (Chinese: 乐乐茶) to acquire 43.64% equity interest in LELECHA for CNY525 million.
Upon completion of the investment, NAYUKI becomes the largest shareholder of LELECHA.
LELECHA will become an associate company of NAYUKI and will continue to operate independently, keeping "the same brand," "the same team" and "the same operation".
Chicmax Group (Chinese: 上海上美化妆品股份有限公司) listed on HKEX on December 22, with its beauty brands Kans, One Leaf and once again in the spotlight.
The prospecting plan mentions that the funds will be mainly used for brand marketing investment, research and development investment, as well as supply chain, factory, digital construction and supplementary working capital.
IDeer (Chinese: 云鹿), a smart door brand, completed an angel round and a Pre-A round of financing totaling nearly CNY 100 million on October 12, with investors including Xiaomi Group (Chinese: 小米集团), Shunwei Capital (Chinese: 顺为资本), and Lockin (Chinese: 鹿客科技). The financing will be mainly used for product development, channel expansion and brand building.
IDeer was founded in 2022, focusing on the direction of entry smart door products, creating smart locks, smart door eyes and other products, with cumulative shipments of more than 10 million units.
Tinenghu (Chinese: 体能虎), a children's fitness training brand, has raised an HKD 65 million Series A+ round of funding from Hong Kong New World Investment Holdings Limited (Chinese: 香港新大陆投资) on November 16.
Founded in 2010, Tinenghu focuses on children's physical training, and has developed a curriculum based on the core K12 curriculum in the US, which allows children to develop their brain, body and mind in a healthy way.
Fortune Care (Chinese: 福寿康), a leading brand of home medical care, completed a Series C+ financing round of over CNY 100 million on December 28, with exclusive investment from National Life Pension Fund (Chinese: 国寿大养老基金).
This round of financing will be used for the construction of commercial services and digital operation systems, as well as the expansion of service networks in the national market.
Fortune Care was founded in 2011 and is dedicated to providing high-quality and convenient community-based home medical, nursing and rehabilitation services. The company uses long-term care insurance as an entry point to provide community-based home medical, nursing and rehabilitation services to homebound seniors.
YAHAHA, a meta-universe UGC platform, announced on November 15 that it has raised USD 40 million in Series A+ funding, co-led by Temasek and Alibaba and followed by 37 interactive Entertainment (Chinese: 三七互娱乐).
The new round of funding will be used for talent expansion and further expansion of the North American and Asia Pacific business footprints.
YAHAHA is a meta-universe UGC platform dedicated to building a 3D interactive content and social platform. With a mission to democratize 3D content creation and consumption, it makes its products simple to use for different user groups.
Rokid, a Chinese AR glasses vendor, raised CNY 125 million in Series C++ financing on November 4 and CNY 259 million in Series D financing on November 8. The investors of Series C++ financing were Yuhang National Investment Group (Chinese: 余杭国投集团), and the investors of Series D financing were DH Capital (Chinese: 敦鸿资产), Cheers Investment (Chinese: 干杯投资), Chunxiao Digital Publishing Fund (Chinese: 春晓数字出版基金) and Wuxi Haichuang Investment (Chinese: 无锡海创投资).
Rokid was founded in 2014, focusing on human-computer interaction technology, dedicated to the research and development of AR glasses and other hardware and software products and the ecological construction of the YodaOS operating system as a carrier. Its Al and AR products have been put into use in more than 70 countries and regions around the world.
15.Weilong Delicious Global Holdings
Weilong Delicious Global Holdings Ltd. (Chinese: 卫龙, HK: 09985), a famous Chinese casual snack manufacturing retailer, listed on the Hong Kong Stock Exchange on December 15, with its shares offered at HKD 10.56 per share and opened at HKD 10.2 per share.
The funds raised from the listing will be used to expand and upgrade production facilities and supply chain systems, expand sale networks, brand building, product development, and promote the digital intelligence of the business.
Unipal (Chinese: 有陪宠物) announced hundreds of millions of CNY in series A+ funding round on October 13. The investors of the funding round include Canming Ventures (Chinese: 灿明创投), Ameba Capital (Chinese: 阿米巴资本), and individual investors.
This financing round will be used to upgrade the supply chain, product iteration, marketing, and further optimize the intelligent digital services for cat-raising scenarios.
Unipal, established in 2019, focuses on researching, developing, manufacturing and selling new home appliances for intelligent cat raising, aiming to provide intelligent all-scene solutions for cat-raising users worldwide.
Chinese circular fashion brand Hongbulin (Chinese: 红布林) successfully raised USD 100 million in series C round of funding on November 1 from Zhuanzhuan (Chinese: 转转集团). The money will be mainly used for service standardization, user experience improvement, product development and database construction.
Founded in 2017, Hongbulin is a circular fashion platform with second-hand luxury trading as the core. The trading products cover a full range of trendy fashion categories such as bags, shoes and apparel, jewelry and watches.
Guomai (Chinese: 国脉酒业) has raised a strategic investment of CNY 360 million on November 9 from Xi'an Gold Charge With Much Wisdom Fund Management CO.,LTD (Chinese: 西安金控远智). This round of financing will be used to jointly promote the market layout of the sauce spirit industry in China.
Guomai is a liquor manufacturer with businesses in liquor production, sales, brand management, channel operations, internet e-commerce operations, and agricultural product production.
Xinanyouxuan (Chinese: 芯安优选) recently announced the completion of CNY 80 million Series A+ funding round on November 20. This round of financing will be mainly used to accelerate market growth, unmanned retail technology innovation, and community ecology construction.
Founded in 2022, Xinanyouxuan is a community milk direct supply solution provider and a milk smart retail brand that provides users with proximity and self-service consumption scenarios.
JOHOBUS (Chinese: 酒号巴士), a craft beer hall franchise service provider, raised HKD 72 million in Series A+ financing round on November 16, with strategic investment from Hong Kong New World Investment Holdings Limited (Chinese: 香港新大陆投资).
The funding will be mainly used for brand upgrading, enterprise restructuring and upgrading transformation.
JOHOBUS is a company that integrates production, warehousing, logistics, office, catering and training and communication, and is committed to building a Chinese brand of pubs.