COFCO’s Womai.Com Confirms $220M Series C Round

Beijing-based Chinese online grocery store Womai.com, backed by state-owned food conglomerate COFCO, has raised US$220 million series C financing led by Taikang Life Insurance Company Limited.

In a press conference held in Beijing, the company says that Baidu Inc. and two obscure Chinese private equity firms also participated in the round.

China Money Network initially reported on the news over a week ago.

Taikang Life Insurance and Baidu are investing as strategic investors, and plan to begin strategic cooperation with Womai.com.

Taikang Life may provide insurance products related to food safety to buyers on Womai.com.

Baidu, on the other hand, can have its O2O (online-to-offline) food delivery platform Baidu Waimai cooperate with Womai on food offerings, says announcements posted on Womai’s Weibo account.

Womai, which means "I buy" in Chinese, is founded in 2009 by COFCO as its B2C (business to consumer) food and beverage e-commerce platform.

The company received tens of millions U.S. dollar series A funding from SAIF Partners in 2013. In August 2014, it completed US$100 million series B financing led by IDG Capital.

COFCO remained as the largest shareholder of Womai.com after its series B round last August.

 
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