Lenovo leads $100m investment into fresh produce e-commerce app
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.
"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 US$580 million to US$13 billion in the past five years, and it is expected to reach US$87 billion by 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 and more.
The company claims to have recorded a 500% year-on-year increase in gross revenue in 2016, according to Chinese media reports.
source: chinamoneynetwork.com
