Tiantu leads $29m round for online grocery platform FreshMart

FreshMarket will use the funds to expand its distribution center and its cold chain delivery fleet, according to a release. The company will also add more community storage freezers and grow into more cities from the 500 that it services now.

Based in Suzhou, FreshMarket offers a wide selection of foods and a variety of delivery options. Customers can buy fresh vegetables, eggs, meat, dairy and oil, as well as packaged foods, via the company's website, over the phone or at self-service kiosks. They can also choose to have the purchases delivered to their doors or pick them up from refrigerated storage cabinets.

Tiantu is currently investing out of its sixth renminbi-denominated fund, which closed in 2013 at RMB1 billion. Its other investments in the food sector include a RMB200 million commitment to restaurant booking app Kaizhuo, RMB50 million for Qinghai Xiaoxiniu Biological Dairy Industry, and RMB100 million for sauce and seasoning maker Sichuan Gaofuji Food.

The firm also reached a first close of $63 million on its debut US dollar fund last year. It had targeted a final close of $100 million, though it is unclear whether this goal has been reached.

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• Topics
• Greater China
• Consumer
• Expansion
• Venture
• China
• Growth capital
• Consumer
• TMT