China food startup Miss Fresh raises $450 mln in new funding round

Miss Fresh, an e-commerce startup that delivers fresh produce in 20 Chinese cities, has raised $450 million from investors including Goldman Sachs and Tencent Holdings Ltd, the company’s financial adviser said on Thursday.

China Renaissance, a boutique Chinese investment bank and adviser to Miss Fresh, did not disclose the valuation of the company after the fundraising.

Miss Fresh did not immediately respond to a Reuters request for comment.
The new funding round was led by Goldman Sachs Investment Partners, the banking group’s investment arm, and Tencent, China’s largest gaming and social media company.

It also included Jeneration Capital, a Hong Kong-based fund, and Arizona-based investment firm Davis Selected Advisers, China Renaissance said in a statement.

Founded in 2014, Miss Fresh is a mobile e-commerce platform that offers delivery services of fresh produce, including fruits, vegetables, dairy products, meat, beverages and drinks, and other daily dining and living items.

The company operates in 20 cities, including first tier cities such as Beijing, Shanghai, Guangzhou and Shenzhen.

Xu Zheng, founder and CEO, said in a statement the company planned to set up 10,000 front-end warehouses in 100 cities in China, but he did not give a timetable.

Miss Fresh Chief Financial Officer Wang Jun said the funds would be used to develop the company’s supply chain, cold chain logistics infrastructure and its smart retail technology.

Other investors in the fundraising included Poly Capital, Glade Brook Capital, China Renaissance’s own growth fund, as well as existing shareholders Tiger Global and Belgium-based investment group Sofina.

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