Gambol, a Chinese pet food producer has secured a RMB500 million ($70 million) Series B from Legend Capital and Industrial Bank. China Taihecap served as exclusive financial advisor in the transaction.
The company, which received backing from KKR in 2017, has now accumulated RMB900 million in overall funding. The proceeds will go towards production line expansion and the construction of research centers and smart storage facilities, according to Hua Qin, the company's founder.
Founded in 2006 and headquartered in Shandong province, Gambol operated as a sub-contractor for overseas brands for more than 10 years. The company leveraged insights from its foreign partners to establish its own brands. The first of these, Myfoodie, which was launched in 2014, became a top-10 player in China's pet-related product categories.