Lenovo’s tech startup fund Lenovo Capital and Incubator Group has partnered with Zhejiang Zheshang Venture Capital Co Ltd to lead a $100 million series C round in MissFresh, a Beijing-based fresh produce e-commerce startup.
Other investors in the round include Tencent Holdings Ltd, South Korean KTB Investment & Securities, Grand Flight Investment and China Growth Capital, the China Money Network reported.
More than a mobile app, MissFresh provides fresh fruit, vegetable, meat, eggs, seafood, among others from US, Chile and Australia to Chinese consumers, and guarantees two-hour delivery.
Founded in 2014, the startup claims to have recorded a 500 per cent year-on-year increase in gross revenue in 2016, reports said.
MissFresh closed a $5 million angel round in 2014, and later raised $10 million, $28 million, and $36 million in series A, series B and series B+ round, respectively.
Boston Consulting Group disclosed the Chinese fresh produce market in the past five years has grown from $580 million to $13 billion, and is seen to reach $87 billion in market size in 2020.