(Yicai Global) Feb. 13 -- Staffless convenience store brand 17 Shandian has secured A-round financing from Liangjiang Venture Capital and will use the proceeds to develop technology and expand markets, though it did not disclose the figure, online media outlet 36kr reported.
17 Shandian convenience stores, owned by Chongqing Yunyou Tianxia Information Technology Co., adopt monitoring and image recognition technologies to stop theft, and customers must undergo a real-name authentication process to enter shops and pay by scanning codes. Such stores occupy an area of less than 20 square meters each and are usually located in office buildings and hotels to minimize inventory losses.
Since opening its first shop last June, the startup now runs three stores in Sichuan and Chongqing in southwestern China and boasts 100,000 customers. The company has nearly completed standardizing its shop models and will quickly expand its presence via three models, namely directly-managed, franchised and jointly-run stores, per plans it unveiled at its annual meeting.
Chongqing Science & Technology Commission and Liangjiang New Area Administration Committee under the Chongqing Municipal Government formed Liangjiang Venture Capital. Its main task is to attract brand companies and innovative projects to the new area and help them develop. 17 Shandian opened its first store at Tencent Zhongchuang Space within the new area.