Health Food Brand Sharkfit Completes 15M Yuan Series A Financing

(Source: Sharkfit)

Chinese health food brand Sharkfit completed A round of financing worth 15 million yuan backed by Plum Ventures, 36Kr reported.

Established in 2017, Sharkfit went viral among Gen Z with its star product – instant chicken breast, which topped the T-mall chicken breast products chart for 17 consecutive months.

The health food industry witnessed the company’s tremendous progress this year. Only 3 months earlier in June 2020, Sharkfit announced to have completed an angel round of financing of 10 million yuan, which was invested by Buhuo VC.

As Sharkfit expanded, its products became more diverse and ranged from instant chicken breast to other kinds of meat, miscellaneous grains and brewed drinks, covering meal replacements, supplements and snacks.

Sales in 2019 reached 80 million yuan and have exceeded 100 million yuan this year. And the total sales from 2020 are expected to hit 250 million.

Xiaoqiang Ming, founder of Sharkfit, used to be a team member of e-commerce giant Taobao’s agency operating company and has 9 years of social commerce experience in fast-moving consumer goods (FMCG). He previously worked for leading Chinese pastry brands including Daoxiang Village and Wufangzhai.

Ming once sold 500,000 Huamei Mooncakes in 48 minutes as well as assisted Wufangzhai’s e-commerce platform to achieve sales exceeding 100 million yuan in 2013.

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As an expert in e-commerce food operations, Ming and his team observed that more and more Chinese customers are seeking healthy and instant food in recent years. Health food products like chicken breast have maintained a high growth rate of over 100%. Also, the market saw huge consumer demand for instant food at room temperature.

Sharkfit’s instant chicken breast’s sales surpassed 54 million yuan in 2019 and its monthly sales exceed 8 million yuan as of today.