China-based grocery delivery app operator Dingdong Maicai closed a $330m series D-plus round today led by internet and telecommunications group SoftBank’s Vision Fund.
Founded in 2017, Dingdong Maicai has built a grocery e-commerce platform it claims delivers fresh produce and seafood ingredients door-to-door in under 30 minutes. It has served more than 5 million households across 27 markets in its home country.
The company’s overall funding now stands at more than $1bn. It most recently secured $700m in a series D round last month co-led by investment group DST Global and investment management firm Coatue.
The April round was filled out by returning investors Sequoia Capital China, Tiger Global Management, General Atlantic, CMC Capital, Ocean Link, Capital Today and Hony Capital alongside new backers Aspex Management, 3W Fund Management, APlus Partners, Mass Ave Global and Cygnus Equity.
Growth equity fund General Atlantic had previously led a $300m round for the company in May 2020 at a reported $2bn valuation.
Bertelsmann Asia Investments, a regional investment vehicle for media group Bertelsmann, joined Tiger Fund, Sequoia Capital China, Qiming Venture Partners and Capital Today to provide an undisclosed amount for Dingdong Maicai in a series B round completed in mid-2019.
Dingdong Maicai had closed a series A round backed by furniture retailer Red Star Macalline and Fortune Capital in July 2018 and a series A-plus round featuring Gaorong Capital two months later, Gaorong Capital having already provided a similarly undisclosed amount in May the same year.
