The food blogging community in China is booming, and many creators have been cashing in big time by touting food products to loyal followers, a business model that has lured investors.
This week, Hong Kong-based startup DayDayCook declared it has raised $20 million to expand its multifunctional food stage, whose users largely come in mainland China.
The firm founded by banker-turned food blogger and blogger Norma Chu supplies a little bit of everything: an program featuring food and recipes videos, cooking courses at upscale malls, along with a product line of its branded food products sold on the internet, which constitutes 80 percent of its earnings.
London-based Talis Capital led the Financing round, with participation from Hong Kong’s Ironfire Ventures.
The eight-year-old startup has increased a total of $65 million so far from shareholders such as Alibaba Entrepreneurs Fund, the e-commerce giant’s non-profit effort to encourage young entrepreneurs in Hong Kong and Taiwan.
The selling point of DayDayCook merchandise is that their carefully crafted manufacturer stories. Users consume the content set from the startup across societal stations, and they then become clients of DayDayCook’s ready-to-eat or to-cook food packs, kitchenware, and much more.
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“We actually believe in the content-to-commerce version,” said Matus Maar, managing partner at Talis Capital.
He proceeded to describe that as content production gets easier thanks to a wealth of editing programs,”even 1 individual in rural China could create amazing content that produces a massive following.”
He was speaking to China’s reclusive influencer Li Ziqi who rose to stardom by submitting videos on Youtube and national websites about her rural self-sufficiency.
“That goes together with people not needing to see material that’s super polished or stems from mega bureaus. Folks online want to see credibility. They wish to find people doing real things,” indicated the investor.
Even though there’s a legion of meals influencers on the market, maybe not all are outfitted to construct a profitable venture. Matus considers DayDayCook has all of the bits in place: providers, supply, logistics, and dispatch. By creating its private label merchandise, the startup is also able to sell at higher margins.
Chu said her firm has gathered 2.3 million registered customers on its app. Its paid customers, ordering via e-commerce stations such as JD.com and Alibaba’s Tmall, climbed 12 times year-over-year to 2.2 million.
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DayDayCook’s content includes a larger reach, garnering 60 million followers around microblogging stage Weibo, TikTok’s Chinese variant Douyin, Tencent’s movie website, and much more. Which might not seem like a great deal from the influencer age — Li Ziqi herself has almost 12 million subscribers only on YouTube.
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