NetEase raises $23m for pig farm business
China local services platform Meituan-Dianping and Sinovation Ventures have jointly led a RMB160 million ($23m) Series A round for Weiyang, a pig farm business unit owned by Chinese internet firm NetEase.
Chinese online retailer JD.com and domestic GPs Fengyun Capital, Welight Capital and Zhejiang Silicon Paradise Asset Management also participated in the round.
Lei Ding, NetEase’s founder, first announced plans to raise pigs in 2009 and Zhejiang province-based Weiyang pig farm was established in 2011. The aim is to produce high quality black pork by leveraging innovative breeding technology.
Fed with chemical-free food, Weiyang’s pigs are said to go through a 300-day raising process. The 80-hectare pig farm uses a 24-hour monitoring system and is kept in a hygienic condition, complete with toilets that pigs can use by themselves.
The company has launched several crowdfunding campaigns since November last year to market its black pork products. With the new funding, Weiyang plans to promote the farm’s breeding model, improve its technology and ensure food safety, according to a NetEase news platform.
In February, Meituan-Dianping launched a $436 million fund that will make early-stage consumer sector investments.
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