Tiger Global, Genesis lead $230m round for China's Miss Fresh

This extension brings Miss Fresh's total Series C funding to $330 million, following an initial round of $100 million led by Lenovo Capital and Zheshang Venture Capital in January. The fresh capital will be used to build additional warehouses as well as to strengthen brand recognition.

Founded in November 2014 by two former executives at Joyvio Group, an agribusiness arm of Legend Holdings, Miss Fresh allows consumers to purchase fresh vegetables, seafood, fruit and dairy products online. All items are guaranteed to be delivered within two hours.

Earlier this year, Miss Fresh launched a checkout-free convenience store scheme, placing smart refrigerators in offices and residential areas. Customers can purchase fresh products from the refrigerators by scanning a QR code and settling payments via smart phone. It plans to invest RMB300 million ($45 million) to place 100,000 refrigerators and stock shelves in offices this year.

"We are optimistic about the development of the fresh produce e-commerce industry in China," said Pengfei Wang, a director at Tiger Global. "The industry as a whole becomes more consolidated and only a few large players are still operating in the market. Thanks to its strong logistic capabilities and unique sales model, Miss Fresh provides high-quality products and services to the consumer. We believe the company will become the winner."

Miss Fresh secured $5 million in angel funding from GX Capital on inception and then received a Series A round of undisclosed size from Tencent and GX. Between 2015 and 2016, the company raised RMB430 million in Series B funding across two tranches: a RMB200 million round led by Tencent and an RMB230 million extended round led by domestic investor Yuan Yi Investment.

China's online fresh food sales are expected to reach RMB150 billion this year, and RMB351 billion in 2019, according to consulting firm Analysys International. Two other online fresh food retailers have also received funding from Chinese internet giants and PE investors: Fruitday is supported by JD.com, while Yiguo is backed by KKR and Alibaba Group.  

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• Topics
• Greater China
• Consumer
• Technology
• Expansion
• China
• TMT
• Venture
• Tiger Global Management
• Genesis Capital
• Growth capital