Fresh Food M-commerce App Missfresh Wins USD 450 Mln Funding
Tencent Tech, 9/06/18
Beijing-based Missfresh E-Commerce, operator of fresh food ordering app Missfresh, recently announced completion of USD 450 mln in new funding led by Goldman Sachs Investment Partners, Chinese internet conglomerate Tencent (0700.HK), Jeneration Capital, and Davis Selected Advisers with participation by Poly (Hengqin) Capital Management, Glade Brook Capital, and China Renaissance New Economy Fund, as well as prior-round investors Tiger Global and Sofina.
Missfresh was established in November 2014 and operates a refrigerated logistics system with urban sorting centers and local forward warehouses in 20 major cities throughout China to provide one-hour delivery services to users.
Xu Zheng, founder and CEO at Missfresh, said that the company will continue to mine global high-quality supply chains to select 3,000 fresh food products and increase its ratio of self-operated products to 50%. In addition, the company will launch a "100 Cities, 10,000 Warehouses, 100 Million Users" program, under which it will aim to cover 100 cities and operate 10,000 warehouses to provide one-hour delivery services for its products to more than 100 mln families.
Editor's Note: For more information on this topic, please see Migu, Weibo Partner on 2018 World Cup Short Video Distribution, MD 6/12/18 issue.
Keywords: Davis Selected Advisers VC M&A Poly Capital Glade Brook Capital m-commerce funding wireless Tencent Tiger Global 0700.HK fresh food Xu Zheng Sofina Missfresh Jeneration Capital China Renaissance New Economy
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