Tencent-backed grocery startup Missfresh nears $500m fundraising deal

Tencent-backed grocery startup Missfresh nears $500m fundraising deal

Changhua Road, Putuo, Shanghai, China. Photo: Max van den Oetelaar/unsplash

Tencent Holdings Ltd.-backed Missfresh is on the verge of closing $500 million of new financing to quicken expansion after the Covid-19 outbreak bolstered demand for fresh groceries, people familiar with the matter said.

Beijing Missfresh Ecommerce Co., which counts Goldman Sachs Group Inc. and Tiger Global Management among its backers, recently wrapped up the second tranche of a funding round that will raise a total of about $300 million and another 1 billion to 1.5 billion yuan ($211 million) of Chinese currency funding, the people said, requesting not to be named because the matter is private. A third and final tranche will be completed soon but the financing has so far valued the grocery delivery startup at about $3 billion before investment, the people said.

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