China's vegetable selling app Meicai said to raise $450m from Tiger Global, others at $2.8b valuation

Organic peppers sit inside baskets in a greenhouse at a showcase farm operated by Penglai Hesheng Agricultural Technology Development Co. in Penglai, Shandong Province, China, on Thursday, Feb. 16, 2017. Photographer: Qilai Shen/Bloomberg

Meicai, a China startup that helps farmers sell vegetables to restaurants, has raised $450 million in a funding round led by Tiger Global Management and China Media Capital, according to people familiar with the matter.

The Beijing-based startup raised the money at a valuation of about $2.8 billion as it seeks to expand in the costly fresh-foods market, said the people, asking not to be named because the matter is private. Genesis Capital was also an investor, the people said. The company and its backers scheduled a closing party for Thursday.

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