In the latest bid to diversify its investment portfolio, LC Venture led a conglomerate of A-list investors to invest in Jim’s Recipe, a Malaysia-based bakery chain that sales top-quality sponge cakes and pastries.
LC Venture played a major role in securing the investment through its network of partners and associates and also securing the services of Deloitte China, one of the four leading accountancy and consultancy firms globally. The A-series investment had an initial target to raise US 30 million by 2023 on an initial valuation of US 100 million. The company plans to going public via IPO in 2026.
Jim’s Recipe brand was first founded in Malaysia in 2017. It first emerged in Puchong, Selangor as a newbie and due to a sudden rise in popularity, it managed to expand its businesses to 50 outlets in 4 short months, becoming the hottest sponge cake brand around.
In 2018, Jim’s Recipe officially opened its first store in Jiangmen, in a step to venturing into the Chinese market. Today, there are over 400 stores worldwide. The latest store to open will be in the US. The goal of Jim’s Recipe is to ensure that all products are made from the same recipe, using the finest ingredients, to create the original and traditional taste of sponge cake that everyone loves.
