Chinese restaurant operator Xiaocaiyuan has completed a multi-million dollar financing round led by investment firm Harvest Capital.
The exact figure for the funds raised has not yet been disclosed by the Chinese-style dining restaurant chain that was founded by Wang Shugao a decade ago. Since then, Xiaocaiyuan has opened more than 400 direct directly-operated stores across China.
The company reported about US$574M in revenue last year, aiming to increase its store number to 500 and revenue to more than $717M this year.
“Harvest Capital’s investment in Xiaocaiyuan fully reflects the firm belief and commitment of Harvest Capital to the Chinese catering industry and the entire Chinese consumer market,” the company said.
