Bianlifeng closes USD100m Series C financing round

The 24-hour convenience store chain Bianlifeng (“convenience bee”)has completed a Series C financing round, raising more than 100 million US dollars from an undisclosed investor.

The 24-hour convenience store chain Bianlifeng (“convenience bee”)has completed a Series C financing round, raising more than 100 million US dollars from an undisclosed investor.

Bianlifeng uses mobile payments and a QR code-enabled point-of-sale system to offer cashier-free convenience stores, though there are still some staff in the store for manual duties like serving prepared foods, restocking items, and conducting cash payments, if necessary.

At present, Bianlifeng has opened more than 1,500 stores in 20 cities across China, including more than 500 stores in Beijing, more than 200 stores in Tianjin, and several hundred stores in several cities in East China. In February 2020, the company opened its first store in South China in Shenzhen.

Earlier, people familiar with the company revealed that Bianlifeng had achieved overall profitability in stores in Beijing as early as one year ago, and will achieve overall national profitability by the end of 2020, and that the company has raised a total of 1.5 billion US dollars in financing from investorsincluding top globalPE, national sovereignty fund, world-class university fund, and giant Internet companies.

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/05/27/bianlifeng-closes-usd100m-series-c-financing-round/.

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