24-hour cashier-free convenience store chain BingoBox has completed its series A round financing of over CNY100 million.
This round of investments was led by GGV Capital and participated by Qiming Venture Partners, Source Code Capital, and Ventech Capital.
BingoBox is a 24-hour cashier-free convenience store which can be copied in scale. It launched a project test in Guangdong in August 2016 and entered Shanghai in June 2017. According to official information, during its over ten months of trial operation, BingoBox received tens of thousands of customers and its customer repurchase rate was nearly 80%.
Customers can complete purchase at BingoBox with four steps: open the door by scanning the QR code; place the goods in the checkout area; complete payment by scanning a dedicated QR code; and the system will open the door automatically once the shopping is finished.
With the help of the new investments, BingoBox is ready for a scale expansion. It is expected to set up 5,000 sites within one year.