Centurium Capital Invests US$100 Million In Leading Chinese Saas-Based Group Catering Technology Company Meican

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Meican, a leading SaaS-based group catering technology business in China, said today that it has secured a US$100 million E-round financing sponsored by Centurium Capital, China’s leading private equity investment management firm.

Meican’s skills and efforts in product research and development, worldwide client acquisition, supply chain diversification, and human resource development are expected to benefit from the funding.

Meican, which was founded in 2011, is China’s leading provider of group catering solutions.

Corporate clients and their workers may choose from a variety of catering options, including on-premise and off-premise catering, as well as SaaS alternatives. It also provides conventional group dining players with SaaS solutions such as digital ordering, integrated payment processing, catering operations, corporate fee control, and reporting and analytics.

Meican has changed and updated the conventional group catering sector with its SaaS technology and new solutions.

According to statistics, China’s group catering business would approach RMB1.5 trillion in 2020, servicing 670 million consumers and rising at a rate of more than 15% per year. However, the Chinese group catering business remains highly fragmented, with a CR10 (market share of the top ten operators) of less than 5% in China, compared to a CR10 of 60 to 80% in developed countries such as the United States, Europe, Japan, and South Korea. This exhibits tremendous potential for expansion and consolidation.

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Meican Co-Founder and CEO Xiao Zhao stated, “The sector is undergoing a significant transition as a result of increased digitization penetration and desire for a better group catering experience. We will continue to invest in the diversification and digitization of our supply chain in order to improve the overall industry infrastructure and maintain our market-leading position. We are sure that Meican will increase its development and success to further tap into the trillion-yuan group catering sector, thanks to synergies from our core advantages in SaaS solutions and unique product offering.”

Meican’s goods and services are now available in approximately 100 Chinese cities, including Beijing, Shanghai, Guangzhou, Shenzhen, Chengdu, Nanjing, Hangzhou, Suzhou, and Wuhan, and serve thousands of corporate clients and merchant associates.

Centurium Capital is a significant Chinese private equity investment firm that primarily invests in the consumer, business services, and healthcare industries. Centurium adopts a hands-on and operations-centric investing approach to drive value creation and build long-term shareholder value as a transformative capital provider with a focus on business model innovation and correcting structural shortcomings to unleash growth potential.

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