MissFresh, the China-based online supermarket backed by internet technology group Tencent and consumer electronics producer Lenovo, has completed a $495m financing round, Bloomberg reported today.
China International Capital Corporation (CICC) led the round, which included fellow investment bank Goldman Sachs’ asset management arm as well as financial services firm Industrial and Commercial Bank of China, Tiger Global Management and Abu Dhabi Capital.
Details of the round follow a report in May this year that the company had raised money in a CICC-backed round that valued it at more than $3bn.
MissFresh operates an e-commerce platform that delivers groceries to customers in as little as an hour, sourcing items from more than 1,500 small warehouse scattered around China.
The company had more than 25 million monthly active users as of mid-2019, but that figure is sure to have risen as online grocery orders skyrocketed during the recent coronavirus lockdown. One of its largest rivals, Xingsheng Youxuan, closed $800m in funding this week at a $4bn valuation.
The round took the total raised by MissFresh to more than $1.35bn since it was founded in 2014. Tencent and GX Capital provided a reported $10m in series A funding in 2015, and Tencent joined investors including Zheshang Venture Capital Management to add $31m later in the year.
Yuanyi Capital and China Growth Capital were among the investors in the company’s $36m series B-plus round in 2016.
MissFresh received another $100m in a January 2017 series C round featuring Tencent, Lenovo’s Capital and Incubator Group, Zhejiang Zheshang Venture Capital, KTB Investment and Securities, Grand Flight Investment and China Growth Capital.
Tencent, Tiger Global and Genesis Capital helped provide $230m in a September series C-plus round, and Tencent returned to co-lead a $450m series D in 2018 with Goldman Sachs’ Investment Partners division.
Tiger Global, Jeneration Capital Management, Davis Selected Advisers, Poly Capital, Glade Brook Capital, Sofina and China Renaissance also backed the series D round, the last to be closed by MissFresh prior to the latest funding.
Image courtesy of MissFresh.
