China online food retailer Benlai raises $100m

Shenzhen-listed home appliance maker Joyoung was among the investors in the round, committing $30 million for a 3.82% stake in the start-up, a filing showed.

Operated by Kindler's Information Technology, Benlai was launched in 2012. It provides imported and locally-grown food including fruit, seafood and meat. The company has built three warehouses in Beijing, Shanghai and Guangzhou, offering cold chain logistics services in 22 Chinese cities. The start-up recorded RMB268 million ($41 million) in revenue and a net loss of RMB208 million in 2014.

AVCJ Research's records show the company raised a Series A round from CDH Investments in 2013 and a further round from Banyan Capital and CDH last January.

Joyoung specializes in producing and distributing soymilk makers and other kitchen appliances, such as cookers, blenders and electrical kettles. In October, the firm committed EUR5 million ($5.53 million) to Cathay Capital's Sino French Innovation Fund, which is looking to invest in start-ups in France, China and the US.

In May, Shanghai-based fresh produce e-commerce platform Fruitday completed a $70 million Series C round of financing led by Chinese online retailer JD.com. Meanwhile, China consumer-focused GP Tiantu Capital led a RMB180 million funding round for Chinese online grocery service FreshMarket.

In November, Tencent Holdings led a RMB200 million for industry peer Miss Fresh.

 

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• Topics
• Greater China
• Venture
• Expansion
• Consumer
• Technology
• China
• Venture
• TMT
• Consumer
• Growth capital
• Banyan Capital
• CDH Investments Management