China Life leads nearly ¥200M round into supplement supplier Newbang Bio
What's the deal? Newbang Biotechnology, a Nanjing-based dietary supplement ingredient maker, has raised nearly 200 million yuan (roughly $29.5 million) in a Series C round. China Life Private Equity InvestmentDealroom has a profile for this one. Try Dealroom → led, with existing shareholder Moxie CapitalDealroom has a profile for this one. Try Dealroom → joining. The company said the money will fund product research and new manufacturing facilities.
Why now? This is the second round above 100 million yuan that Newbang has closed within six months, a fast cadence for the sector.
What the company does: Newbang develops dietary supplement ingredients, with more than 40 original ingredients launched and over 100 pipelines in development. Its work spans sports nutrition, weight management, cognitive health, and anti-aging. It supplies more than 600 end brands, including NestléDealroom has a profile for this one. Try Dealroom →, UnileverDealroom has a profile for this one. Try Dealroom →, and PepsiCoDealroom has a profile for this one. Try Dealroom →.
By the numbers: Newbang's annual revenue passed 400 million yuan in 2025. It runs its own formulation and biosynthesis plants and plans a manufacturing base covering more than 200 mu, with annual capacity of 10,000 tons.
What's the endgame? Founder Liao Qilin says demand has shifted from basic nutrition to targeted health benefits, pushing brands toward functional beverages and foods over traditional tablets and powders. That has changed what buyers want from suppliers.
"They place greater emphasis on the actual performance of ingredients in these new dosage forms and application scenarios — such as better stability, solubility, taste compatibility, and formulation compatibility," Liao said. The company screens ingredients against a "3P" standard: pure, potent, and precise.
The signal: The round ranks in roughly the top third of comparable deals by size, a modest but notable marker in a health-ingredients market reshaped by demand for convenient, clinically backed products. Newbang's bet is to develop supplements using the research logic of pharmaceuticals — it has run dozens of preclinical and clinical trials and plans more than 10 new ones each year.
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