Chinese liquor company Jiangxiaobai announced that it has finished series C round of fundraising without disclosing the amount.

Led by Huaxing Growth Capital, the fresh round also includes Baillie Gifford, Loyal Valley Capital, China Merchant Bank International Capital Management.

"Jiangxiaobai will continue to increase investment in the research and development, production as well as supply chain, and will expand product portfolios," said Tao Shiquan, founder of Jiangxiaobai.

The new fundraising will be used for the storage of vintage wine and on technology research and development. More capital will also be used to deepen the entire wine industry chain for "high-quality, high brand awareness as well as high-end wine with high consumption frequency," said the company.

"We will continue to promote new beverages to tap into changes of consumption habits and consumption scenarios from the new generation to create the affordable high-end wine," Tao added.

Bao Fan, chairman of China Renaissance, said that the investment firm is bullish on a wave of opportunities from the revival of traditional brands and the birth of new brands. "China needs an alcohol leader to meet a variety of consumption scenarios and personalized consumption needs."

"Jiangxiaobai, which was established nearly 10 years ago, is gradually reshaping the competitive landscape of the new wine and beverage industry, and is expected to become the industry leader," he said.