New York, NY
Angel / Pre-seed stage Full Build Leisure » Restaurants
Raising a new round of $5m-10m for expansion in NYC and beyond
July 1, 2018
3rd store in 170 Bleecker st near NYU opened
July 16, 2018
Closed a $5m round
May 1, 2018
2nd store in 2896 Broadway near Columbai campus opened
June 21, 2017
Closed a $2m round
December 1, 2017
1st store in 21 Broadway near Yale campus opened
October 21, 2015
Admitted into Yale Entrepreneurial Institute Summer Fellowship
April 1, 2014
Aboutjunzi is a new-generation fast-casual Chinese restaurant updating the narrative on modern Chinese everyday food experience with bings and noodles
The average American household is spending more on dining out and willing to pay a premium for healthy and flavorful takeout food. The average expenditure on food away-from-home continues to increase, doubling the amount an average American spent on food at-home by 2014. The fast-casual category contributes to $52 billion of the US food industry in 2017.* It’s the fastest growth (10%+) among all restaurant categories for the past 5 consecutive years. There are unprecedented growth and virtually untapped potential in the Chinese fast-casual/fine-casual category.
There are over 46000 Chinese restaurants in the US, more than McDonald’s, Burger King, KFC and Wendys combined. As China-US immigration shifts from labor-intensive based to education and investment based, the majority of independently operated Chinese restaurants are facing a labor shortage crisis, and will have to rethink their business model in the next decade.
Though independently owned, the 46000 Chinese restaurants in America still follow the same outdated model from the mid-19th century, with a menu plagued with unhealthy ingredients and opaque cooking processes, served in an outdated interior plastered with stereotypical Chinese symbols. In comparison, junzi is designed with a modern interior, open kitchen and a seasonal menu featuring local ingredients and true flavors of Northern China.
The business model has a foundation as a fast-casual restaurant brand with thousands of stores potential in the US market alone and greater opportunity globally. On top of the restaurant chain, junzi will become the most recognized brand of modern Chinese food and culture globally.