IDG Capital Partners, the China-based corporate venturing subsidiary of IT publishing company IDG, has led a $100m series B round raised by online grocery seller Womai.com, China Money Network reported on Friday.
The round also included SAIF Partners, the venture capital firm that invested an eight-figure dollar sum in Womai in 2012.
Founded in 2009 by the state-owned China National Cereals, Oils and Foodstuffs Corporation (COFCO), Womai sells imported grocery products, many of which are sourced from overseas, to Chinese customers. It has a customer base of 1.5 million registered users.
Womai intends to spend the cash on expanding its physical storage facilities, logistics centres, IT capabilities and customer service.
COFCO will remain the majority shareholder after the latest round.