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Imported Near-expired Food M-commerce App 'Scan Goods' Wins Pre-A Funding, 7/02/17

Shanghai-based Dingfan Import and Export Trading, operator of imported, near-expired food m-commerce app Saohuo (literally "Scan Goods"), recently completed RMB 20 mln in pre-Series A funding from Tencent Crowd-Entrepreneur Space, ZhenFund, and Youshi Capital. This round of funding will be used to bolster Dingfan's primary business and offline expansion into "new retail."

Saohuo mainly trades in leftover inventory of high-demand food products and FMCGs which are over halfway to their expiration date, all at discount prices. The platform rolls out over 300 SKUs daily for prices of 30%-40% lower than original price.

Aside from online discount selling, Saohuo is also establishing an offline retail brand, "Saohuo Planet," which will partner with leading AI hardware manufacturers from multiple countries to develop unmanned convenience stores, smart vending machines, company convenience stores, and smart retail experience stores.

The company previously received RMB 5 mln in seed funding from Youshi Capital and established import traders, as well as an RMB 6 mln angel investment from ZhenFund.

Keywords: Tencent Crowd-Entrepreneur Space VC mobile application m-commerce funding wireless Series A ZhenFund Youshi Capital Dingfan Saohuo Tencent 0700.HK M&A


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