China online grocer Miss Fresh raises a further $36m
Miss Fresh, a Chinese online grocery retailer backed by Tencent Holdings, has raised RMB230 million ($36 million) in an extended Series B round led by domestic investor Yuan Yi Investment.
China Growth Capital also participated in the round. This extension brings Miss Fresh's total Series B funding to RMB430 million, following a RMB200 million Series B round led by Tencent in last November.
Miss Fresh was founded in November 2014 by two former executives at Joyvio Group, an agribusiness arm of Legend Holdings. Its mobile app allows customers to buy fresh vegetables, seafood, fruit and dairy products. This is supported by a cold-chain logistics system that offers to deliver within two hours in 30 major Chinese cities.
The company claims to receive more than one million orders each month, facilitating approximately RMB100 million worth of transactions.
On the funding side, Miss Fresh secured $5 million angel funding from GX Capital on inception, and then received an undisclosed Series A round from Tencent and GX in May. The latest capital injection will be used to source more high-quality agricultural products, improve the cold chain system, enhance user experience and expand service coverage, Zheng Xu, founder and CEO of Miss Fresh, told local media.
Yuan Yi is an investment fund platform set up by domestic financial leasing firm Far Eastern Horizon.
Fresh goods delivery has become a popular vertical for Chinese internet companies as they seek to expand their service coverage. Last year, online retailer JD.com led a $70 million Series C round for Fruitday, an e-commerce site dedicated to selling imported fruit. Yiguo, another online fresh-food e-commerce platform backed by Alibaba Group, raised a Series C round last month.
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