MissFresh, a China-based online grocer that counts internet group Tencent and consumer electronics manufacturer Lenovo among its investors, has secured RMB2bn ($306m) in new funding, DealStreetAsia reported yesterday.
The capital was supplied by a consortium featuring Qingdao Guoxin Group, an investment firm owned by the municipal government of the city of Qingdao, and Sunshine Innovation Investment Centre, which focuses on the Chengyang district of Qingdao.
Founded in 2014, MissFresh runs an online platform that sells fresh fruit and vegetables, dairy products, seafood, snacks and beverages, with delivery taking place in under 30 minutes. It plans to now set up a smart supply chain hub in Chengyang that will service as a base for an industry ecosystem.
The latest round brought MissFresh’s overall funding to about $1.7bn and follows a $495m round closed in July this year that was led by China International Capital Corporation (CICC) and backed by Goldman Sachs, Industrial and Commercial Bank of China, Tiger Global Management and Abu Dhabi Capital.
Tencent co-led a $450m round for the company in September 2018 with Goldman Sachs’ Investment Partners subsidiary, with Jeneration Capital Management, Tiger Global Management, Sofina, Davis Selected Advisers, Poly Capital, Glade Brook Capital and China Renaissance also taking part.
MissFresh had secured $230m in a September 2017 series C-plus round co-led by Tiger Global and Genesis Capital that included Tencent.
Lenovo’s Capital and Incubator Group co-led the company’s $100m series C round with Zhejiang Zheshang Venture Capital eight months earlier, investing with Tencent, KTB Investment & Securities, Grand Flight Investment and China Growth Capital.
Yuanyi Capital and China Growth Capital had supplied $36m in series B-plus funding for MissFresh in 2016, Tencent having joined GX Capital in a $10m series A round that preceded a $31m series B led by Tencent and backed by Zheshang Venture Capital Management and unnamed others in 2015.
