Group meal and catering platform Meican banks $100 million dollar - PingWest

Group meal and catering platform Meican banks $100 million dollar

Group meal and catering platform Meican banks $100 million dollar

12 hours ago

Meican, a digital platform providing group meal and catering solutions, has recently announced the completion of a 100 million dollar Series E round of financing by sole investor Dagong Capital. Meican has previously received investments from Meituan and Goldman Sachs.

With the fresh capital, Meican becomes the company with the largest financing scale in the group dining field. According to Meican, proceeds will be mainly used for product development, overseas expansion, supply chain system optimization, and organizational improvement.

Meican has served customers such as Bytedance, Alibaba, SF-Express, CITIC Bank, Peking University People's Hospital, Southwest Airlines Academy, PingWest, and others, covering large and medium-sized enterprises, institutions, industrial parks, hospitals, and universities. Meican has established business in nearly 100 cities in China, including Beijing, Shanghai, Guangzhou, Shenzhen, Chengdu, Nanjing, Hangzhou, Suzhou, and Wuhan.

Context:

According to a research report by iiMedia, the market size of China's group meals reached 1.77 trillion yuan in 2021. With the diversified development of group meals and the upgrade of industry services and technology, it is estimated to maintain a 10% growth rate and reach 2.25 trillion yuan in 2023.

A report by Zhiyan Consulting points out that international group meal giants such as UK's Compass, France's Sodexo, and the US's ARAMARK have been entering the Chinese market since the 1990s and have managed to remain leading players — ARAMARK has catered the 2008 Beijing Olympic Games as well as servicing many multinational corporate clients.

"Compared with countries such as Japan, South Korea, and the United States, where the market concentration reaches 60%-80%, China's group meal industry is still in a rough and primary stage," according to 36kr citing Ren Zili, chief operating officer of Meican.

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