Social media platform Joyy led a $200m series C round for China-based online grocer Tongcheng Life today that included Bertelsmann Asia Investments (BAI), a vehicle for media group Bertelsmann.
The round also featured Legend Capital, the venture capital firm spun off by conglomerate Legend Holdings, in addition to Engage Capital, GSR Ventures, Oriza Holdings, Welight Capital and Tongcheng Capital, which may represent LY.com, the online travel agent also known as Tongcheng.
Incubated within LY, Tongcheng Life operates an online platform built around messaging platform WeChat that enables users to club together in groups in order to purchase fresh produce at bulk prices.
The food is delivered to community lockers where it can be collected by the buyers. Although it specialises in fruit and vegetables, the company also sells a range of household products.
Legend Capital led Tongcheng Life’s $100m series B round in September 2019, investing together with BAI, Engage Capital and ZhenFund.
BAI, Engage Capital, ZhenFund, Welight Capital, Oriza Holdings and GSR Ventures had supplied an eight-figure renminbi amount for the company in June 2019, the month after a similarly sized investment by Tongcheng Capital, fruit supplier Baiguoyuan, ZhenFund, Welight Capital and Oriza Seed Capital.
LY’s Zhongchuang Fund had invested $1.5m in Tongcheng Life in late 2018 before joining internet group and WeChat owner Tencent to provide an eight-digit renminbi sum shortly afterwards.
