China-based online produce retailer Meiri Yitao has received $100m in a series B round that included a subsidiary of technology and trading firm Susquehanna International Group, China Money Network reported today.
SIG Asia Investments joined growth equity fund Genesis Capital, which led the round, venture capital firms DCM Ventures and Vision Plus Capital, while China Renaissance was financial adviser on the transaction.
Also known as Fresh Buddy, Meiri Yitao runs a social commerce platform for fresh fruit and vegetables that incorporates a social media aspect, allowing users to trade reviews of items, while the company itself can track their consumer preferences.
The platform targets consumers in rural and smaller urban areas and offers rewards for introducing others to the service. It sources produce directly from farms, instead of dealing with middlemen.
Meiri Yitao was incubated by online grocer MissFresh, which retains an 11.8% stake in the company according to TechCrunch. DCM Ventures led its $30m series A round in July this year, investing together with SIG Asia Investments and VC firm Welight Capital.
The series B proceeds will be channelled into expand the company’s product range along with a network of regional logistics hubs.
Image courtesy of Meiri Yitao.
