China's first crowdfunded cafe 3W has reportedly completed its first round financing, which was led by JD.com and participated by Dongfang Hongdao and Tsinghua Holdings.
3W coffee was initiated by Xu Dandan, Ma Delong, and Bao Aile with the crowd-funding model and was established in November 2010. It gained seed money investments from about 180 Internet investors and executives. In August 2013, it gained several million yuan angel investments from Dongfang Hongdao and Xu Xiaoping.
Over the past five years, 3W coffee expanded into various sectors, including Internet career development service Lagou.com and 3W head hunting; start-up project hatchery and fund; and 3W communications, which aims to help start-up teams gain users and brands.
With the new investments, 3W coffee plans to promote its store expansion project. The company hopes to open 100 stores in ten major cities across China.