China: Lenovo Capital, Zhejiang co-lead $100m round in MissFresh

A man uses his laptop next to Lenovo's logos during the Mobile World Congress in Barcelona, Spain February 25, 2016. REUTERS/Albert Gea

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.

Also Read: China’s Lenovo plans to invest $500m in tech-startup fund

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.

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Samsung discussing sale of PC business unit to China’s Lenovo

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NZ agri-tech firm CropLogic plans ASX listing, raises $512K via ECF routee-coe

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.