Foshan-based Chuangshanghui E-commerce, operator of unmanned convenience store chain F5 Future Store, has completed RMB 30 mln in Series A+ funding from Sinovation Ventures, which will be used to improve the company's products and supply chain.
F5 Future Store is a 24-hour unmanned convenience store supported by a self-developed robotic arm and a back-end management system. The store is composed of four distinct machines. One vends fast-moving consumer goods, primarily canned beverages, in an average of seven seconds. Another sells fresh foods, such as noodles and fish balls, that take an average of 50 seconds to serve. Another prepares hot drinks such as coffee in an average of 20 seconds. The fourth machine automatically cleans the dining tables.
F5 Future Store provides three methods for making purchases. Users can place an order in advance through the associated mobile app and pick up their items from the nearby store. Users can also make purchases through a self-service terminal in the store or by scanning product codes on a wall menu.
The stores are designed to occupy 30-40 square meters and equipment and installation cost approximately RMB 150,000. F5 Future Store offers about 800 different items and the company is planning to open 30-50 stores over the next 3-6 months.
F5 Future Store previously won RMB 2 mln in angel funding from Chuangda Capital and RMB 10 mln in pre-Series A funding from TCL Equity Investment.