China B2B food products platform secures $18m
You Pei Liang Pin, a Chinese B2B online food products supplier, has raised a RMB120 million ($18 million) funding round led by PE-backed online fresh-food retailer Yiguo and Chinese conglomerate GMK Group.
The round is divided into two traches, 36kr reported. Domestic VC Yunqi Partners and an investment unit of Chinese consultancy firm iResearch also participated.
Launched in March last year, You Pei Liang Pin is an online one-stop shop for food supply. It sources agricultural products from a network of upstream suppliers including GMK Group, Hondo Beef Group and Global Food Company. On the downstream side, it runs a self-developed logistics system to deliver food products ordered by Chinese small-and-medium sized restaurants.
The new funding will be used to strengthen its information technology and supply chain, as well as to improve user experience.
Yiguo sells seafood and fruit online from China and overseas. It manages the full food procurement process, from online order processing to food distribution. In March, KKR and existing strategic investor Alibaba Group provided a Series C round of funding for the company.
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