Wow Coffee completes RMB35m financing round

Wow Coffee has recently completed a 35 million yuan financing round from a family fund in Singapore. In addition, Wow Coffee also strategically merged with Malaysia’s UR Coffee factory.

Wow Coffee has recently completed a 35 million yuan financing round from a family fund in Singapore. In addition, Wow Coffee also strategically merged with Malaysia’s UR Coffee factory.

Upon the completion of the financing, Wow Coffee, which will be supported in production capacity, will expand its category from coffee powder to the entire coffee beverage industry, while still focusing on white coffee.

Established in 2017, Wow Coffee was an instant coffee brand at first, and then turned to a wider small-town and rural markets. Specializing in white coffee category, the company positioned itself as a popular FMCG brand.

Wang Peng, the founder, believes that the small-town and rural markets have huge space for increase. In 2018, Wow Coffee successfully launched its Tmall store, with an annual turnover of RMB50 million. It launched a shop on Pinduoduo platform in 2019.

At present, the sales of Wow Coffee are mainly online, and some self-service coffee vending machines have been placed offline in schools, hospitals and other public facilities. In addition to e-commerce platforms, the company will also expand into some new To-B channels this year including homestays, business hotels, supermarkets around schools, etc., and will continue to have more channels in China’s remote provinces.

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/06/06/wow-coffee-completes-rmb35m-financing-round/.

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