China-based food supplier Dingding Fresh Food has secured almost RMB100m ($14.4m) in a series A round featuring Hidden Hill Capital, a subsidiary of logistics facilities operator Global Logistic Properties (GLP), China Money Network has reported.
Venture capital firm GSR Ventures and Toutou Shidao Investment Fund also took part in the round. GLP is owned by a consortium including property developer Vanke Group and financial services firm Bank of China Group’s Investment division, as well as Hopu Investment Management and Hillhouse Capital.
Founded in 2018, Dingding provides food retailers with fresh produce and supply chain services, using information from its modelling system as well as production and distribution data to cater goods towards the end consumer.
The company offers more than 300 fresh food products and has partnered approximately 10,000 small community-sized shops and convenience stores.
Dingding will use the funding to drive research and development for both its fresh food and supply chain offerings. GLP expects the company to complement its other portfolio investments in logistics segments including fresh food and urban deliveries.