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Investment, Venture Capital

Lenovo Capital Co-Leads $100M Round In Miss Fresh

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MissFresh sources products from Australia, U.S. and Chile to bring to Chinese consumers directly

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 MissFresh.

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.



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