Panda Selected

About Panda Selected

Founded in 2016 by Haipeng Li, Panda Selected established itself in the Chinese market as a provider of managed shared kitchen facilities. The company's business model was centered on offering ready-to-move-in, fully-equipped cooking facilities to food entrepreneurs and catering businesses, capitalizing on the rise of the delivery-only restaurant model. This approach was designed to help restaurant clients reduce overhead costs by eliminating the need for traditional dining spaces.

Panda Selected's revenue was primarily generated through monthly rental fees for the kitchen spaces. The company also offered a suite of ancillary services for additional charges, including operations management, end-to-end supply chain logistics, promotional services, and data analytics to help boost sales on delivery platforms like Meituan and Ele.me. By early 2019, the company had expanded to 120 locations across major Chinese business hubs such as Beijing, Shanghai, Hangzhou, and Shenzhen, serving over 800 catering brands, including prominent names like Luckin' Coffee and Haidilao.

The firm attracted significant investor interest, raising a total of $80 million, which included a notable $50 million Series C funding round in February 2019 led by Tiger Global Management, with participation from DCM Ventures and GenBridge Capital. At its peak, the company's valuation was estimated at around $300 million. Despite its initial growth and substantial backing, Panda Selected is now considered a deadpooled company.