China-based online grocer Yiguo has raised an undisclosed amount of funding after closing a funding round co-led by e-commerce firm Alibaba and investment firm KKR, Fresh Fruit Portal reported on Monday.
Although Yiguo has not disclosed the amount raised in the round a spokesperson claimed it represents “the largest received to date for any round of financing in e-commerce for fresh produce,” and was bigger than the $220m series C round closed by Womai.com in October 2015.
Founded in 2005 as an online gourmet fruit supplier, Yiguo has since branched out into meat, fish and vegetables. It has not publicly disclosed any earlier funding.
Haifeng Liu, head of KKR China, said the company’s success was based on its establishment of effective distribution systems and links to downstream industries, together with a deep understanding of its customers’ habits.
Liu added: “We believe this strategic cooperation will lead to a win-win situation, promote the development of Chinese fresh e-commerce industry, and provide consumers with more convenient, safer and better quality fresh products.”