Farm produce platform Nice Tuan reaches $450 million in funding for the year

Nice Tuan is a Chinese group-buying platform for farm produce and other groceries. The company, headquartered in Beijing, connects farmers and other food producers to retailers, foodservice businesses and end customers.

It allows buyers to form groups via its WeChat mini-program, enabling them to collectively buy produce in bulk for more competitive prices.

In a “Series C3” round, co-led by Alibaba and Hong Kong’s Jeneration Capital, it has raised $196 million. Other investors included CDH Investments, CICC, Cygnus Equity, GGV Capital, INCE Capital, Joy Capital, KunLun Fund and Qiming Venture Partners.

It’s the fourth round of funding that Nice Tuan -also known as Shi Hui Tuan- has bagged since the start of 2020. In January it banked $88.3 million from investors including Alibaba and ZhenFund, following that up in June with an $81.4 million “Series C1” round led by GGV Capital. A month later, its CDH Investments-led “Series C2” raise brought in another $80 million.

In September, Bunny Maicai secured “tens of millions of dollars” in a Series A round led by an affiliate of real estate giant Country Garden, with Joy Capital and ZWC Partners also taking part. The startup combines the online group-buying concept with a chain of physical stores to give customers an online-to-offline experience.

According to the most recent edition of AgFunder’s China AgriFood Startup Investing Report, Tongcheng Life raised $100 million for its August 2019 Series B round led by Lenovo-affiliated Legend Capital;  while Familyone, also known as Lilinyi, got $30 million from Sequoia Capital, Capital Today, Gaorong VC, Source Code Capital, and retailer Suning.

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