Panda Selected, a Beijing, China-based shared kitchen provider, raised $50m in Series C financing.
The round, which brings Panda Selected’s total funding to $80m to date, was led by Tiger Global with participation from its existing investors DCM and GenBridge Capital.
The company intends to use the funds to expand to new markets across China and strengthen its merchant services.
Led by Li Haipeng, CEO and founder, Panda Selected is catering–oriented service platform which employs the shared kitchen model to provide catering enterprises with integrated solutions including commercial real estate, operation management, supply chain, brand promotion.
The company operates 120 locations which cover China’s major business hubs and regions including Beijing, Shanghai, Hangzhou, and Shenzhen, servimg more than 800 domestic catering brands, which include Haidilao, Kungfu, Luckin Coffee, Hallasan, Wallance, and TubeStation.
The shared kitchen concept is an emerging trend in China that enables restaurants to set up kitchens to cater exclusively for customers ordering in, and share facilities with others which eliminates overhead costs.