Juewei Food Co., a Chinese food retailer best known for its marinated duck and chicken snacks, said it has agreed to establish a joint venture industry fund with food delivery app Ele.me to invest in companies operating in the catering industry.
The new fund, named Juele Investment Fund, will aim to raise a total of RMB205 million (US$30 million). Juewei will commit RMB100 million (US$14 million) via its wholly-owned subsidiary, Shenzhen Wangju Investment LLC, while Ele.me will contribute RMB100 million (US$14 million), according to a company announcement.
The new fund will seek to invest in companies operating in the consumer-facing catering sector, in particular those with established business models that can be scaled quickly, or companies that can expand rapidly with additional funding.
The long-term purpose of the fund is to in...
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