Tiger Global Management and CMC Capital Partners have reportedly led a US$450 million new funding round in Meicai.cn, a fresh produce e-commerce platform connecting farmers and restaurants.
The new round is reported to value Meicai.cn, already a unicorn listed in China Unicorn Ranking, at US$2.8 billion, up from US$2 billion valuation when it raised an undisclosed amount of series D round in 2016.
Meicai.cn and CMC Capital did not respond immediately to an inquiry from China Money Network to confirm the information.
Founded in 2014, Meicai.cn is a business-to-business fresh produce e-commerce platform. It helps farmers sell fruit, meat and vegetables to restaurants. The company claims that it now covers nearly 50 cities in China and has an average of one million daily orders.
Yesterday, shenzhen-based fresh fruit chain retailer and online e-commerce platform Pagoda also successfully raised fundings. It completed a RMB1.5 billion (US$230 million) series B round from a number of investment firms including Co-Stone Capital, Source Code Capital, Shenzhen Capital Group Co., Ltd.
China’s fresh produce e-commerce industry has been developing rapidly in the past two years. In 2017, the total transaction value of the market reached RMB139 billion (US$21 billion), up 59.7% year-on-year, according to a report from iResearch. Industry monitor PE Daily’s data shows investors poured a total of RMB2.67 billion (US$) in the industry last year.
Meicai.cn previously raised an undisclosed amount in a series D in 2016, reportedly from Hopu Fund. At that time, the company claims that it has raised over RMB2 billion (US$300 million) in total. One year prior, it also completed an undisclosed series C round led by H Capital and Meituan-Dianping, as well as a series B round worth tens of millions of U.S. dollar from Shunwei Capital and Blue Lake Capital.
In 2014, it received a series A round worth millions of U.S. dollar from Blue Lake.