(Yicai Global) July 15 -- China’s Tiger Attitude Chartered Pastry Bank has raised USD50 million in its Series A financing round, co-led by GGV Capital and Tiger Global Management.

Existing investors including Sequoia China and IDG Capital also participated in the funding, tech media 36Kr reported yesterday. Changsha-based Tiger Attitude, a Chinese-style bakery chain, completed a pre-A round led by Sequoia in January.

The new funds will go mainly to open new stores, aiming to have more than 30 by the end of the year, according to founder Hu Ting. Money will also go on developing its e-commerce business, as Tiger Attitude plans to enter Tmall and Xiaohongshu and log online sales of CNY25 million (USD3.9 million) in 2021, as well as develop a supply chain system and products, Hu said.

Tiger Attitude opened its first outlet in Changsha in September 2019, and landed in Guangzhou two months later. So far, it has eight stores in the two cities. The brand adapts traditional Chinese pastry and cake making to the tastes of young consumers, Hu said.

In recent years, Changsha has been the cradle of many brands popular among young netizens. The food court-style restaurant chain Wenheyou bagged CNY500 million (USD77.4 million) in its Series B financing round, valuing it at CNY10 billion (USD1.5 billion), 36Kr reported last month.

Editor: Futura Costaglione