Xing Bian Li (Euphony of New Convenience), China’s Leading New Retail Concept Company Raises 15 million USD Angel Investment Led by Top VC Fund Lightspeed China Partners
The ‘New Retail’ concept (a business model first proposed by Alibaba CEO Jack Ma which envisions a new approach for retail businesses, integrates online and offline channels, along with offering both services and products) has received paramount attention from China’s entire venture capital sector this year. Last week, Michael Lv, ex-President of Chinese internet giant China Internet Plus Group’s (Xin Mei Da) general business group, and ex-COO of dianping.com, as well as Gyoson Fukuda, Senior Vice President of Rosen Japan announced their cooperation in the field of New Retail, dropping a bombshell on the developing industry.
This morning, the company which Xing Bian Li belongs to announced a merger with O Jia O (euphony of Oh plus Oh) (Shanghai) Ltd, the actual operator of unattended convenience stands. After the merger, the new company will consistently use the brand name “Xing Bian Li” to establish a global presence in the New Retail industry.
Meanwhile, Xing Bian Li also announced the completion of a 15 million USD angel round financing led by Lightspeed China Partners. Tao Zhang, Xing Wang, Shuhong Ye, Huiwen Wang, China Internet Plus Group’s founders were also among the first investors. This deal marked the emergence of an alliance between the strongest team and investors in 2017 China’s flourishing New Retail industry.
It is worth mentioning that the investment to Xing Bian Li signaled Lightspeed China Partners’ significant plan entering the Chinese domestic New Retail sector, as well as its new portfolio strategy for the sector.
Herry Han, leader of this round and founding partner of Lightspeed China Partners, commented: “In China, New Retail is undoubtedly a rare platform-based business opportunity for billion RMB scale investment. It possess extremely high requirements for the business team, which must possess solid capabilities in terms of supply chain, system and data. Only superficial performance will not be able to support a sustainable development. Born at the beginning of this year, China’s New Retail sector has developed from unmanned counter to office shelves, from unattended convenience stores to convenience store type instant consumption circles. In this rapid development process, gaps have already shown up among various practitioners on all levels.”
“Xing Bian Li is an IT company satisfying consumers’ instant demands in China’s rising New Retail sector. We are not a company that seeks to ‘sell goods’, instead, we are a new retail model based on advanced technology and big data driven innovations. The analysis and findings on traditional retail models can be incorporated and implemented into the entire new business model.” according to founder Michael Lv.
In Herry Han’s opinion, Xing Bian Li has the strongest team in China’s New Retail sector. Michael Lv, Jianghua Si, Yixin Jiang and Gyoson are all startup veterans or leading persons in China’s internet and retail companies. As a group, they have the capability to change the landscape of the industry.
“We are very pleased to work with such superior startup team of Xing Bian Li, to create the best instant convenience shopping platform in China. In the next 6 months, Xing Bian Li will enter a phase of rapid development, bringing a never-seen-before global footprint and brand new experience to the market.”
Currently, the very first step of Xing Bian Li’s all dimension expansion is to enter the unattended convenience shelves business. In only 2 months, Xing Bian Li has become the top platform in the field of unattended convenience shelves in terms of China’s urban coverage and network share. Xing Bian Li has also expanded its cooperation with famous China internet companies including Alibaba, Ctrip, Baidu, China Mobile, Liepin.com, as well as Fortune 500 companies including Johnson & Johnson and Ping An Insurance etc.
According to various sources, Xing Bian Li will first expand its business into unattended convenience shelves and new convenience stores. Then with steady performance in these two segments, Xing Bian Li will gradually develop into an “experience center”of goods and services with more and more service formats to be added. Xing Bian Li, with less burden, and focusing on people and continuous disruption, will become the name for the next generation of convenience stores.