The investment was made by The Carlyle Group’s RMB fund Carlyle Beijing Partners Fund, L.P. and affiliates. The RMB fund was established by Carlyle with the support of the Beijing Municipal Government.
The company will use the funds to further expand its vending machine network in China, improve its digitalmarketing and advertising business and explore other value-add services.
Established in 2010 and led by Wang Bin, Chairman, Ubox has a national network with more than 30,000 vending machines across 58 cities as of June 30, 2015. In addition to the traditional vending machine functionality, the company provides customers with an integrated “online-to-offline” (O2O) shopping experience where they can shop online via its mobile application and collect their purchase at a Ubox interactive vending machine.