Imaginary Ventures Leads $10M Series A Financing of Xiao Chi Jie
Gunderson Dettmer represented client Imaginary Ventures, as it led the $10 million Series A financing of Xiao Chi Jie (XCJ), a direct-to-consumer Chinese food company. XCJ’s platform enables consumers to order restaurant quality Chinese food online and have it shipped to their homes anywhere in the nation. The company will use the new capital to continue its focus on high-quality products, and increase its market expansion, experience and accessibility for consumers.
In the announcement of the transaction, Partner at Imaginary Ventures Logan Langberg said, "When you break down the $50BN Chinese food market category, it's evident there is a powerful and accelerating consumer demand. While the category is massive, it's in large part comprised solely of restaurants. What's missing from the market is a CPG brand that is an honest representation of Chinese food with the ability to dominate online, wholesale and food service to become a staple in American households. We believe XCJ is that. Excellent quality products, technical founders, vertical integration capabilities and 300% growth just this year further underscore that belief, and we are beyond excited to partner with them."
The Gunderson Dettmer deal team included Melissa Marks, Jack Paterson, David Sharrow and Madeline Koo.