Guangzhou Tengshi pulls in further funding, eyes store expansion
Guangzhou Tengshi Information Technology has wrapped up a third round of funding, from four investors, including Youchuang Venture Capital and Lanshan Venture Capital (Beijing) Consulting. The Chinese automated convenience stores operator says that it has brought in over 10 million yuan ($1.5 million) as it looks to invest in store expansion and technology, according to a report by the South China Morning Post.
Guangzhou Tengshi runs its stores under the brand name Magic House, in the southern city of Guangzhou, and is planning to expand to between 300 and 500 next year, with each shop 60 square metres in size. It currently operates six stores in the city’s Tianhe district