China-based frozen food supply chain services provider Dong Pinhui collected almost RMB100m ($14.3m) on Thursday in a series A-plus round led by China Merchant Capital, a division of financial services firm China Merchants Bank.
Founded in 2016 and formally called Chongqing Ge Yunwo Network Technology, Dong Pinhui provides internet-driven supply chain services including integration, digitisation and financing to frozen food vendors in more than 100 Chinese cities.
Dong Pinhui’s service is currently geared towards markets in southwest China, however the capital will help it push into central and eastern markets, and will also fund the launch of nationwide databases for frozen food information.
The series A-plus reportedly marks Dong Pinhui’s fifth funding round. Feed and meat products distributor New Hope Liuhe led its $2.2m series A round in 2017, adding to an eight-digit renminbi (RMB10m = $1.5m) pre-series A sum from unnamed backers earlier that year.
Dong Pinhui’s other early investors include magnetic and cloud-based supply chain services provider Beijing Magnetic Cloud Technology.