Xicha invested RMB 100 million in fine coffee chain brand seesaw China coffee market
SeeSaw, a Chinese boutique coffee chain, received 100 million yuan (US $15 million) in investment, led by tea shop brand HeyTea and existing shareholder Hony Pak Fook
SeeSaw Coffee, a Chinese boutique coffee chain, has received Rmb100m ($15 million) to develop its business in China. According to Chinese media reports, the new money will be used for store expansion across the country, as well as improvements to the supply chain and digital infrastructure.
The funds are led by tea shop brand Xi Tea and existing shareholders Hongyi Baifu. Xi Cha was founded in 2012 and has more than 30 stores in China. It is reported that this is the first time that a tea brand has invested in the coffee business.
SeeSaw Coffee is a boutique coffee brand with 35 stores in Shanghai, Beijing, Shenzhen and Suzhou. Founded in Shanghai in 2012, SeeSaw has successfully introduced boutique coffee to Chinese consumers and purchased domestically grown coffee varieties from Yunnan Province in China.
Traditionally, it is a country that drinks tea, and coffee is now a big business in China. The new investment is a testament to the growing popularity of premium coffee and cafe experiences among Chinese consumers.
China is also an increasingly important growth market for international coffee chains and is now Starbucks' second-largest market outside the United States.
Sales of branded coffee chains in East Asia increased by 5.1% in 2020, according to the World Coffee Portal. Despite the disruption in Covid-19 transactions, China is the region's second-largest market after South Korea, with sales up 2.1 per cent over the same period.
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