M Stand, a trendy coffee chain brand, has announced its closing of Series B financing of over RMB500 million. The transaction was co-led by BA Capital and GenBridge Capital, two experienced venture capital investors in China’s consumer sector, and Gaorong Capital followed. Existing investors including CMC Capital Group and Challenjers Capital also participated. CEC Capital Group served as the lead financial advisor in this round. The transaction was the largest Series B financing in China’s heated coffee sector. Earlier this year, M Stand caught investors’ attention when it announced its closing of Series A financing led by CMC Capital Group and Challenjers Capital. Since then the company has vigorously built a market image of "better coffee enjoyed in trendier space” with its chic store designs and has aggressively pursued geographical expansion, nearly tripling its store counts in the past 6 months. With over thirty stores already opened in Shanghai, Hangzhou, Ningbo, Shenzhen and Guangzhou, M Stand will continue to speed up new store openings with a target of crossing the 100 store threshold by the end of the year.
Bliss Biopharmaceutical (Hangzhou) Co., Ltd. (“BlissBio”) announces the completion of over 400M CNY Series-B financing round. The financing was led by GL Ventures, the venture capital unit of Hillhouse Capital, with participation from Cormorant Asset Management, VMS Group, and Heda Biopharmaceutical Venture Capital. The Series B financing round was also supported by existing investors, Sherpa Healthcare Partners and Oriental Fortune Capital. CEC Capital Group acted as the exclusive financial advisor in the transaction. Proceeds from the financing will be used to advance the international multi-site clinical studies of BB-1701, pre-clinical studies and regulatory submission of other projects in the pipeline, and construction of new R&D and manufacturing center. BB-1701, a new antibody-drug conjugate (ADC), is conducting Phase I clinical trial both in China and US. Its toxin Eribulin, licensed from Eisai, is an oncology product on the market with clinically proven safety and efficacy profiles. BlissBio has the global rights of development and commercialization of the ADC product BB-1701. Another Eribulin-ADC BB-1705 is expected to file IND application to the US FDA and China NMPA this year. Meanwhile, BlissBio has also developed a unique site-specific conjugation technology platform with independent IP protection. BlissBio is actively developing multiple best-in-class and first-in-class products with high potential.