China: Fresh fruit chain Pagoda raises $230m in series B

Boxes of fruits and vegetables sit at the Hunts Point Terminal Produce Market in the Bronx borough of New York, U.S., on Monday, Nov. 23, 2015. Photographer: John Taggart/Bloomberg

A number of investment firms have shown interest in China’s fresh produce e-commerce industry by investing $230 million in Shenzhen-based fresh fruit chain retailer Pagoda‘s series B funding round.

According to the China Money Network report, Pagoda raised $230 million in the latest funding round participated by Co-Stone Capital, Source Code Capital, Shenzhen Capital Group Co Ltd, Zhongzhi Capital, Zhongjin Zhide Equity Investment Management, and Yuexiu Industrial Fund.

The fresh fruit chain retailer was launched in 2001. It has 2,600 stores in over 40 cities in China. In 2017, the company generated sales of Rmb8.4 billion ($1.3 billion), from Rmb6 billion a year earlier.

Pagoda is planning to use the latest proceeds to develop its fresh fruit supply chain, build up an ecosystem, and enhance its industrial Internet.

Chinese investors’ interest in the country’s fresh produce e-commerce industry is not without strong reason. According to an iResearch report, the total transaction of China’s fresh produce e-commerce industry in 2017 alone reached about $21 billion, up 59.7 per cent year-on-year.

Pagoda’s latest fund raising round followed a series A round that raised Rmb400 million. The said round was led by Tiantu and participated by GF Xinde Investment Management and other unnamed investors.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.