©Jiangxiaobai Liquor Co.
China-based distiller Chongqing Jiangxiaobai Liquor Co. has raised $230 million in a Series C funding round.
The funding round was led by led by China Renaissance New Economies Fund; Baillie Gifford; Loyal Valley Capital; followed by CMB International Capital, Kunyan Investment and Wens Investment.
Founded in 2012, Jiangxiaobai Liquor Co.’s product range includes three varieties of baijiu, a traditional liquor made from sorghum. The company’s products are largely targeted at young adults, are sold throughout China and are available in 20 international markets including India.
According to a statement from the company, this funding round will help to boost its R&D strategy and strengthen its production efforts to improve quality and scale, in order to satisfy the growing demand for premium spirits.
The company will reportedly focus on improving distilling techniques, its old liquor reserve and expand raw material production.
To achieve this, the distiller will reportedly expand its 2,000 hectare farm to 8,000 hectares over the next three-five years.
© FoodBev Media Ltd 2020