China-based online wholesale alcohol retailer Yijiupi.com has raised $100m in a series C round backed by local listings and group buying platform Meituan-Dianping, Asian Venture Capital Journal reported yesterday.
The round was led by hedge fund Greenwoods Asset and included venture capital firm Source Code Capital, investment firm Lighthouse Capital and private equity firm HG Capital, according to local media reports.
Founded in September 2014, Yijiupi currently operates in 72 Chinese cities but is looking to expand that to 150 by the end of 2017. Meituan-Dianping will lend a hand by including the company’s products on its own sites.
The series C funding comes in the wake of $37m of funding from Bertelsmann Asia Investments (BAI) a corporate venturing subsidiary of media group Bertelsmann, and Source Code Capital in September 2015.
BAI had previously provided RMB50m ($7.4m at current exchange rates) of series A funding for Yijiupi, according to PEdaily.cn.