Beijing-based mobile fresh food app operator Missfresh E-commerce recently announced completion of USD 100 mln Series C funding led by Zheshang Venture Capital (834089.NEEQ) and the Lenovo Capital and Incubator Group, with participation from internet and mobile services firm Tencent (0700.HK), Korean venture capital firm KTB Network, Yuanyi Investment, and China Growth Capital. Tencent has now participated in three Missfresh funding rounds. Funds will mainly be used to expand the platform's upstream supply chain ecosystem and to develop its local refrigerated delivery and storage network.
Missfresh is a fresh food m-commerce app with a refrigerated logistics network that can ensure delivery of fresh foods from local suppliers to customers. It uses a warehouse-forwarding model that combines urban distribution centers and local small-scale warehouses, including distribution centers in northern, eastern, and southern China, and warehouses set up in commercial and residential districts based on local order frequency patterns. Its network can guarantee 2-hour delivery service within a 3 km radius of is warehouses.
Editor's Note: For more information on this topic, please see "Fresh Food Ordering App Missfresh Lands RMB 230 Mln Series B +," MD 4/28/16 issue.
Keywords: M&A 834089.NEEQ m-commerce funding wireless Tencent Series C 0700.HK fresh food Zheshang Venture Capital KTB China Growth Capital Missfresh Lenovo Capital VC mobile application food O2O Yuanyi Investment