Hongjiu Fruit, a China-based fruit and vegetable supply chain operator that counts insurer Sunshine Insurance as a backer, has raised RMB500m ($71.1m) in series C funding, DealStreetAsia reported yesterday.
The round was led by private equity and venture capital firm CMC Capital and it follows a $71.4m series A round in December 2018 featuring Sunshine Insurance, China Merchants Capital and Shenzhen Capital Group, according to business data provider Tianyancha.
Hongjiu sources fresh produce from international markets for distribution within China, also offering e-commerce and logistics services. It will use the series C funding to improve its supply chain capabilities and increase the range of imported and domestic fruit it offers.
The company operates subsidiaries in Chile, Thailand and Vietnam, and the series C funds will also support the establishment of another six distribution bases outside China in countries such as the Philippines.
Hongjiu reportedly received $28m in funding from Chinese state-owned investment firm Citic Holdings’ China Capital Management subsidiary, Chongqing Industry Investment Fund and Fenghui Investment in April 2018.
Courier service SF Express, state-run agricultural firm China State Farms Agribusiness, brokerage China Securities and Hainan State Farms Investment Holding Group, the Chinese state-owned agricultural firm also known as Haiken Group, are also among Hongjiu’s investors according to its website.
