26/06/20181min
A 24-hour Chinese convenience-store chain has closed a US$10 million series pre-A funding round led by Sequoia Capital China.
The chain, Bianli24, is a 2017 startup known for its self-service vending machines which shop owners can use to automate sales of popular items and conduct after-hours trading. It plans to use the new funding to expand into third & fourth-tier cities within China, beyond the 13 cities it currently operates in.
The company is distinguished from its competitors in that it operates the machines independently rather than franchise them out. The company says sales from its vending machines tend to make up 15 to 20 per cent of a store’s takings.