Chinese tea company Bama Tea says earlier this week that it has completed series A funding.

IDG Capital Partners, Tiantu Capital, Shenzhen Cowin Capital and Tianjixing Capital have jointly invested RMB150 million in the company.

The four venture capital and private equity investors will obtain a stake of less than 15%, says Wang Wenli, chairman of Bama Tea.

The specific terms of the investment are not known.

Bama Tea says the company will use the funding to develop and promote new products, as well as upgrade production lines and processes.

Bama Tea has previously indicated that the company plans to IPO on the Shenzhen Small and Medium Enterprise Board this year.

As of April, Bama Tea has close to 1,000 chain stores throughout China, the second largest in the country.

In the past few years, Chinese venture capital and private equity firms have been increasingly active in the agricultural and food industry. By the end of last year, as high as 30% of the 52 agricultural companies that went public in China had VC or PE backing, according to data from Zero2IPO.

Backed by International Data Group and ACCEL Partners, IDG Capital entered China in 1992. With $2.5 billion under management, IDG Capital focuses on making venture and private equity investments in the consumer, Internet, new media, education and healthcare sectors.

Shenzhen Cowin Venture Capital manages over RMB7.5 billion across 7 funds.

Tiantu Capital manages RMB2.4 billion across 5 funds.

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