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Chinese produce: Goldman Sachs (NYSE:GS) Investment Partners and Tencent (OTCPK:TCEHY, OTCPK:TCTZF) led a $450M round in Chinese e-commerce grocer MissFresh, which is majority-owned by Canadian grocer Metro (OTCPK:MTRAF). Jeneration Capital Management, Tiger Global Management, Sofina, and Davis Selected Adviser also participated with a strategic investment from Poly Capital Holdings.
The gross merchandise volume of China’s fresh food e-commerce market has reached about $20.3B, up 60% last year compared to 2016, according to iResearch data. MissFresh provides services in 20 cities in China, selling fresh grocery products through its mobile platform. The startup will use the funds to expand its supply chain, develop cold chain logistics, and invest in smart retail technology.
