Lenovo Capital and Incubator Group, the venture capital arm of Lenovo, has teamed up with Zhejiang Zheshang Venture Capital Co., Ltd. to lead a US$100 million series C round in Miss Fresh, a Beijing-based fresh produce e-commerce mobile app.
Tencent Holdings Ltd, South Korean KTB Investment & Securities, Grand Flight Investment and China Growth Capital also participated.
"Fresh produce is a market worth over several trillions RMB and a core segment for e-commerce," said Li Zhaohui, a partner at Tencent Investment Management. "MissFresh has a very experienced management team, in addition to a deep understanding of fresh produce supply chain and retail market."
According to a Boston Consulting Group report, Chinese fresh produce market has grown from RMB4 billion (US$580 million) to RMB95 billion (US$13 billion) in the past five years, and it is expected to reach RMB600 billion (US$87 billion) in market size in 2020.
Founded in 2014, Miss Fresh provides fresh produce from U.S., Chile and Australia to Chinese consumers and guarantees two-hour delivery. Its products include fruit, vegetable, meat, eggs, seafood and more.
The company claims to have recorded a 500% year-on-year increase in gross revenue in 2016, according to Chinese media reports.
MissFresh previously received US$5 million in an angel round in 2014, and raised US$10 million, RMB$200 million (US$28 million), and RMB230 million (US$36 million ) in series A, series B and series B+ round, respectively.