China-based online produce retailer FruitDay closed a $70m series C round yesterday led by direct sales company JD.com that also included technology and trading firm Susquehanna International Group (SIG).
The round, which also backed by private equity firm ClearVue Partners, was completed alongside the signing of a strategic cooperation agreement that will involve FruitDay using JD’s fulfilment infrastructure to expand within China.
FruitDay runs an e-commerce service that selects, stores and ships fresh imported fruit and vegetables, and claims to be China’s largest produce e-commerce company by revenue.
SIG Asia Investments, a local subsidiary of SIG, and ClearVue previously invested an eight-figure sum in FruitDay in April 2014, after SIG had provided the company with an undisclosed amount of series A funding in 2011.
The series C capital will support business development and the construction of additional infrastructure for FruitDay as it looks to hire additional management staff and boost its upstream supply chain.
Haoyu Shen, chief executive of JD.com’s business-to-consumer subsidiary JD Mall, said: “By combining JD.com’s online e-commerce platform and nationwide logistics infrastructure with FruitDay’s vertical leadership, more and more Chinese consumers nationwide will have the ability to purchase safe and healthy fresh produce online with confidence.
“As we build China’s premier online e-commerce platform, JD.com will continue to explore long-term partnerships with leaders in key vertical markets.”