(Yicai Global) Sept. 12 -- China has embraced the shared economy. A startup based in the country’s northern province of Guangdong that deals in the ‘tissue sharing’ business obtained USD770,000 (CNY5 million) from angel investors.
ZHO, a tissue sharing brand, recently said that it secured CNY5 million in backing in a round led by an individual investor, TechWeb reported.
Guangdong-based Zhongshan Cainiao Jike Film and Media Ltd. set up the ZHO tissue sharing project. It aims to install intelligent tissue sharing devices in public places like snack shops and restaurants. Users can get a pack of tissue for free each day after scanning a QR code.
The ZHO Tissue Sharing WeChat account has attracted one million followers.
The project can profit from activities including paid advertising, online marketing, and tissue sales, a head from the project said previously.
ZHO’s team has developed five types of tissue loaders for different scenarios. Some 3,000 of its devices are in shops near the mouth of the Pearl River. Each offers 20 to 30 packs of tissue per day on average.