Leyin Innovation Technology (Qingdao) Co., Ltd, formerly known as Magic Drink Coffee (Qingdao) Co., Ltd, announced the completion of a Series A financing round of nearly RMB 50 million. This round of financing will continue to invest in innovative research and development of products and technology, as well as the continued expansion of the production capacity of premium instant coffee.
Why it matters
As consumers’ income levels continue to rise, the demand for coffee is bound to increase, as well as the convenience and quality of coffee products. After this round, Leyin Innovation plans to set up a sales subsidiary in Shanghai this year and start experimenting with innovative coffee selling solutions for offline retailers, including restaurants, bars and convenience store chains, relying on the coffee products developed by Orientation Innovation.
Founded in 2015, Leyin has been focusing on the research and development of industrial solutions for premium instant coffee products, providing OEM/ODM services for coffee brands and food processors for fine instant coffee products. Currently, Leyin is a core supplier to many emerging coffee brands, empowering downstream brands with high quality and portable premium instant coffee products.