Sino-US VCs back US online marketplace GrubMarket
GrubMarket, a US-based online food marketplace, has raised $20 million in a Series B round of funding from several Sino-US investors including GGV Capital, Fosun Capital and Danhua Capital.
US VC firms Sound Ventures, Global Founders Capital, Riverhead Capital and individual investors Fabrice Grinda and Gang Wang, an angel investor in China riding-hailing app provider Didi Chuxing, also participated.
Founded in 2014, GrubMarket claims to sell fresh foods, including fruit, seafood and meat, at cheaper prices than traditional grocers. The marketplace connects farmers and food producers directly with consumers, fulfills orders made through its platform, and takes a 20-25% commission on each transaction.
GrubMarket also offers deliveries to restaurants and offices that want to buy in larger quantities. Monthly sales in San Francisco and Los Angeles stand at $2.1 million. With the new funding, GrubMarket plans to modify its business model and increase revenue streams, as well as expand into one more city by the end of the year, it told The San Francisco Business Times.
Sino-US venture firm Danhua Capital was launched by Stanford University physics professor Shoucheng Zhang in 2013. The firm focuses on early and growth-stage investments in the areas of virtual reality and augmented reality, artificial intelligence, mobile internet, big data, cloud computing and robotics.
GGV Capital closed its latest $1.2 billion Sino-US venture fund in April, with a view to investing in every phase of a start-up's life, from seed to late-stage rounds.
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