Community fresh food stall project Haocaitan closes RMB5m seed funding round

Haocaitan, a community fresh food stall project, has recently closed a five million yuan seed round of financing from individual investors.

Haocaitan, a community fresh food stall project, has recently closed a five million yuan seed round of financing from individual investors.

Wang Gaoxiang, founder of Haocaitan, introduced that proceeds from this round of funding will be used mainly for scale expansion, consolidation of the supply chain, improve the system and standardization capabilities and other aspects.

At present, Haocaitan is rooted in the Shanghai market, operating fresh food business in nearly 20 neighborhoods, and has signed contracts with about 80 neighborhoods, covering mainly Minhang District, Pudong District, Xuhui District and other areas.

Wang said that the current average sales of a single community stand half a day is 10,000 yuan, with a net profit of about 15%.

The startup team of Haocaitan consists of former executives and mid-level key managers from Benlai.com, Missfresh, Metro AG, while absorbing the grass-root elites from the physical fresh produce industry. The company’s founder Wang Gaoxiang has extensive experience in fresh food chain business.

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/06/23/community-fresh-food-stall-project-haocaitan-closes-rmb5m-seed-funding-round/.

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