Akasakatei, a China-based teppanyaki, BBQ and Japanese-cuisine restaurant, has completed a round of financing, raising USD10 million led by ClearVue Partners, a private equity fund targeting fast growing consumer companies in the Greater China region.
With growing traction in Shanghai and Beijing, Akasakatei — known for its best-in-class beef — is the go-to teppanyaki, BBQ and Japanese-cuisine restaurant for China’s upwardly mobile consumers.
Akasakatei will use the financing round to accelerate the company's growth in Shanghai, Zhejiang, Jiangsu and Beijing.
Akasakatei expects to add 15 to 20 locations in 2014, with the overall aim of opening a total of over 40 locations in China by the end of 2014.
"We're thrilled to close this financing round and to work with ClearVue Partners. We have been deeply impressed with ClearVue Partner’s experienced management team and their understanding of China’s restaurant sector,” says You Zhongwang, founder and CEO of Akasakatei. “We believe that there is strong and increasing consumer demand in China for teppanyaki, BBQ and Japanese-cuisine in elegant yet conveniently-located environments.”
“Chinese consumers are demanding higher quality food and more innovative dining experiences — and they are buying into brands with a strong profile and identity. Akasakatei is the leading Japanese all-inclusive teppanyaki, BBQ and Japanese-cuisine brand in the full service dining segment,” says Harry Hui, managing partner of ClearVue Partners.
