Founded in May 2018, the healthy food brand Wang Bao Bao has become the No.1 cereal brand in Taobao since the second half of 2019. Just experienced the 11.11 Shopping Festival, Wang Bao Bao continues to maintain the first position of Tmall cereal category, and achieves 3 times year-on-year growth compared to the 11.11 Shopping Festival in 2019. It was learned that the Wang Bao Bao has completed about RMB 200 million yuan (USD $30 million) in Series C financing. Matrix Partners China led investment, followed by Gaoling Venture Capital, the old shareholder Black Ant Capital, Beijing Yuanyuan Capital, and Vertex Ventures China. This round of financing will be mainly used for brand building and supply chain upgrade. (Source: foodcapital)

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