Linear News | Linear Capital's Angel Round Lead "Baoxiaohe" Closes Nearly $10 Million Series A, with Existing Investor Linear Capital Continuing to Increase Support

36Kr has learned that online 3D packaging design and printing service platform Bao Xiao He recently completed a Series A funding round of nearly $10 million, led by overseas investment firm Hearst Ventures, with existing investors Linear Capital, GGV Capital, and HSG participating. Following this round, Bao Xiao He is valued at over $100 million.

According to the company, the funds will be used to build out its overseas 3D packaging design platform "Pacdora," advancing the deployment of its domestic 3D design platform in European and American markets.

"Looks are justice" has fueled the packaging industry's boom — Nielsen data shows that 64% of consumers are drawn to purchase by product packaging. As China's new consumer goods sector flourishes, companies increasingly seek to project brand soul through packaging, driving demand for more personalized, customized product boxes.

Founded in 2019, Bao Xiao He positions itself as an online packaging design tool and printing e-commerce service platform, using design tools as its entry point to connect packaging design, marketing, and printing industry ecosystems. In 2021, its online design platform officially launched, offering enterprises full-chain digital solutions spanning online marketing, 3D design, and direct-to-production capabilities.

Bao Xiao He founder and CEO Xianfeng Wang told 36Kr that the traditional packaging design and printing industry faces numerous pain points: brand clients often lack expertise in packaging structures and printing processes, leading to repeated revisions and increased design costs; for printing vendors, this translates to excessive communication costs, small order volumes, limited packaging models to choose from, and constrained development capabilities — with both profits and production capacity remaining low.

To address this, Bao Xiao He's online design platform offers two core functions: die-line design and image rendering:

• The site features an open-source box template library containing over 4,000 packaging models, covering cartons, bottles, cans, bags, and more. After adjusting dimensions, it intelligently generates design die-lines. Users can complete designs directly on the website, with real-time rendering of design effects, allowing them to view finished packaging box models from all angles while designing.

• For enterprise marketing needs, Bao Xiao He provides packaging scene rendering functionality. Designers can build studio photography scenes tailored to their packaging design's industry, with free placement of multiple models, enhancing the aesthetic appeal and realism of packaging design renderings. Rendering speed remains stable, with outputs generated in 10 seconds.

Image: Rendered output in 10 seconds To date, Bao Xiao He has doubled its registered user base within six months, accumulating 1.5 million users — 70% designers and 30% brand-side professionals. VIP and Pro membership registration and payment rates stand at 8% and 2% respectively. On the revenue front, supply chain and SaaS services each account for 50%, with annual sales projected to exceed 10 million yuan.

On the team front, Bao Xiao He has over 100 employees, with 60% dedicated to product and R&D. In the core team, both Xianfeng Wang and CTO Fazheng Li are Zhejiang University graduates. Co-founder Sheng Xu brings 14 years of internet industry experience, including over 8 years in SaaS. Packaging director Yangpeng Liu has 14 years of industry experience.

Notably, as the primary growth initiative for this Series A round, Bao Xiao He's overseas platform "Pacdora" officially launched this March, primarily in English and targeting European and American markets. Since launch, the platform has achieved 100% month-over-month growth for four consecutive months, with ROI rising to 0.8. Break-even is expected within the next three months.

Image: Bao Xiao He's overseas platform "Pacdora" Yingqing Hu, Managing Director and China General Manager of Hearst Ventures, stated: "Packaging design naturally spans C-end consumers, large B-end enterprises, and marketing and design professionals within small B-end companies, needing to accommodate thousands of types and materials of basic packaging needs. In the current landscape, it must also satisfy new-era consumer brands' marketing imperative of 'reflecting brand soul through design sensibility.' We are optimistic about the packaging design asset library and design tool platform that Bao Xiao He has built, which enhances quality and efficiency for enterprise-level creative design."

"Going forward, we will evolve from tool to industry," Xianfeng Wang said. With Bao Xiao He's second anniversary just passed, the next step targets traditional printing and design pain points, serving as an intermediary platform connecting design services and processing production,打通 design, production, and marketing across the full chain, entering an integration phase, and continuing to explore the packaging industry's growth potential.

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Linear Capital currently manages ten funds with total assets under management of approximately $2 billion.

We focus primarily on early-stage projects in "Data Application," "Data Infrastructure," and "Frontier Technology" application areas. Our investment stage concentrates on leading angel to Series A rounds, with typical investment amounts of $3-8 million or equivalent RMB per project.

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