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Tencent-Backed Alcohol Delivery Firm Said to Seek New F...

Business Maverick

Business Maverick

Tencent-Backed Alcohol Delivery Firm Said to Seek New Funds

The Jiuxiaoer website. Source: Jiuxiaoer/Bloomberg
By Bloomberg
09 Jul 2021 0

Jiuxiaoer, an alcoholic beverage delivery company in China, is seeking to raise about $200 million in a new funding round that could elevate the startup to unicorn status, people with knowledge of the matter said.

Guangxi Jiaojiu Network Technology Co., the firm behind Jiuxiaoer, could be valued at $1 billion or more after the investment, said the people, who asked not to be identified as the information is private.Jiuxiaoer, which means wine server, is an online and app-based platform that sells and delivers alcoholic drinks, according to its website. Founded in 2014, the company, which is based in Guangxi province, offers beer, wine, liquor and baijiu and boasts it can deliver beverages to the customer’s doorstep in the same city within 25 minutes. Tencent Holdings Ltd. and Sequoia China backed the firm in a Series A funding round in December, according to a statement.

Deliberations for the fundraising are at an early stage and details such as size and timing may change, the people said. The company didn’t immediately respond to requests for comment.

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