US-based food supply service GrubMarket has secured $25m in a series C1 round co-led by internet company Digital Garage and venture capital firm WI Harper, TechCrunch has reported.
Evolv Ventures, a $100m investment vehicle backed by packaged food producer Kraft Heinz, also contributed to the round, as did diversified conglomerates Fosun and Arancia Industrial.
University Growth Fund, CentreGold Capital, Ace & Company, GGV Capital, Fusion Fund, Bascom Ventures and unnamed additional participants filled out the oversubscribed round, which had initially set a $15m target.
GrubMarket operates an online platform that helps small farmers directly supply fresh produce to consumers as well as businesses such as restaurants and groceries.
In addition to expanding the company’s platform and strengthening its technology, the funding will also be used to fund strategic acquisitions that are expected to close in the coming weeks, founder and chief executive Mike Xu told TechCrunch.
The round valued GrubMarket at approximately $255m according to PitchBook data, and increased its overall funding to $89m.
GGV Capital led a $32m round for GrubMarket in July 2018, investing alongside Fusion Fund, Bascom Ventures, Great Oaks Venture Capital, Max Ventures, Castor Ventures, Millennium Technology Value Partners, Trinity Capital Investment and Investwide.
Fosun, GGV Capital, Sound Ventures, Danhua Capital, Global Founders Capital, Riverhead and angel investors Fabrice Grinda and Gang Wang had participated in the company’s $20m series B round in 2016.
Fosun led GrubMarket’s $10m series A round, which included contributions from GGV Capital, Y Combinator, Battery Ventures and AME Cloud Ventures, the year before.