Beijing-based culinary incubator Hatchery has closed an investment from co-working and lifestyle amenities space 5Lmeet at a post-money valuation of RMB 60 million ($9 million USD) to support China growth plans.
The current RMB 3 million round from 5Lmeet is expected to be followed by another RMB 5 million to boost the next 18 months of growth, including expansion into Shanghai, company co-founder and CEO Stewart Johnson told TechNode.
The investment commits Hatchery to launching new food concepts in at least two of 5Lmeet’s upcoming developments in Beijing, one targeting October 2017 in Guomao and one in early 2018 in southern Beijing, according to the firm. Hatchery Shanghai headquarters will open in Q1 2018.
5Lmeet, a sister company of co-working unicorn URWork headed by property entrepreneur Mao Daqing, has taken a strategic position in Hatchery following the success of the first incubator partnership in 5Lmeet’s Dongsi location.
“Hatchery is excited by the prospects of the growing 5Lmeet strategic partnership. 5Lmeet has a pipeline of co-living developments planned in Beijing over the next 18 months, and after being incubated by our HatchTrack process, entrepreneurs now have the opportunity to launch their own food concepts in one of 5Lmeet’s innovative lifestyle destinations through our partnership,” explained Stew Johnson.
5Lmeet, valued at over RMB 3.6 billion coming out of its recent funding round, has an extensive pipeline of co-working properties in Beijing for redevelopment over the next twelve months.