China’s largest local on-demand service platform Meituan-Dianping has joined Sinovation Ventures and JD.com Inc. to lead a RMB160 million (US$23 million) series A round in Zhejiang province-based Weiyang, a pig farm business unit operated by Chinese Internet firm NetEase Inc.
A number of Chinese investors including Beijing-based Fengyun Capital and Zhejiang Silicon Paradise Asset Management Group Co., Ltd also participated in the round.
Founded in 2009, Weiyang raises pigs using innovative technologies, with a focus on producing high quality black pork to meet demand from ever discerning Chinese consumers.
The company says that all of its pigs are raised based on a 300-day slow raising plan, and are fed natural food, instead of pork feed. The farm is under 24-hour monitoring and is kept in an ultra-hygienic condition, and the pigs can even use the toilet and listen to music.
In march, Weiyang already raised RMB11 million (US$1 million) via a crowdfunding campaign in four days, which marks the largest crowdfunding deal in China’s agriculture sector.
The company plans to use the latest proceeds to expand its businesses.
Another of NetEase’s subsidiary, NetEase Cloud Music, just raised RMB750 million (US$108 million) led by Chinese media conglomerate Shanghai Media Group, which valued the music unit company at RMB8 billion (US$1 billion) post-money.