Chinese diet food brand Wholly Moly! raises $10m
The Shanghai-based start-up targets young consumers pursuing a higher quality of life with a product line based on bran, oats and bran drinks
Wholly Moly!, a healthy diet food brand in China, has raised $10 million in a Series A funding round led by C Ventures, which specialises in investment in emerging fashion, media and creative business, according to China Money Network. The start-up reported that 90% of revenues come from e-commerce channels and that it saw 100 million yuan in sales last year.
Wholly Moly! was established in 2017 in Shanghai by Fang Cao who has FMCG experience in markets including China, North America, and Western Europe. The company targets young people pursuing a higher quality of life, focusing on food products with innovative raw materials. Its products include oat bran, oats and bran drinks.
The company stated it will use the funding to develop its supply chain and new products and expand its market share and brand influence in the plant-based natural health food industry.
Wholly Moly! previously raised funding from an American angel investor, as well as pre-A funding from QM Capital and DT Capital Partners.
C Ventures founder Dr Zheng Zhigang said: “In the post-epidemic era, people’s protection and health consciousness are constantly escalating, and their awareness and demand for healthy food are also improving.
“The new diet structure created by Wholly Moly! will provide more choices for consumers with health needs. Our investment will help the company to explore the opportunities in the global market and reshape the future of young people’s food culture.”