China's vegetable selling app Meicai seeks to raise at least $500m

Meicai application. Photographer: Justin Chin/Bloomberg

Meicai, a Chinese startup that connects vegetable farmers with restaurants, is seeking at least $500 million in funding to try and grab a larger slice of a fragmented food sourcing market, people familiar with the matter said.

The company is looking to achieve a valuation of between $10 billion and $12 billion, one of the people said. The figures are preliminary and subject to change based on market conditions, the people added, asking not to be identified as the details are private. Meicai said in a statement it doesn’t have specific fundraising targets at this moment.

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