China’s Nice Tuan closes $81.4m Series C1 round led by GGV

Source: Andres Carreno/Unsplash

Five months after the completion of $88.3 million, Nice Tuan, a Chinese community e-commerce platform also known as Shihuituan, has secured another $81.4 million in a Series C1 round of financing led by global venture capital firm GGV Capital.

Shanghai-based venture capital firm Qiming Venture Partners, Chinese boutique investment bank Cygnus Equity, and INCE Capital Partners, a venture capital firm co-founded by former Qiming partner JP Gan in late 2019, participated in the investment, said the startup in a WeChat post on May 30.

Joy Capital, the backer of China’s scandal-ridden Luckin Coffee, also invested in the Series C1 round.

Before the new round, Beijing-based Nice Tuan has collected over $100 million in total financing, as per the post. The previous round, which was revealed in January 2020, was a transaction of $88.3 million from a host of local investors such as Alibaba, Beijing-based angel fund ZhenFund, and venture capital firm China Growth Capital.

Qiming Venture Partners, Joy Capital, and INCE Capital also poured money into the January deal. GGV Capital told DealStreetAsia that the Series C1 round is separate from the January investment, which means that the investors re-upped investment into the startup within six months.

Founded in April 2018, Nice Tuan provides fresh produce, beverage, skincare products, leisure food and daily supplies through a namesake WeChat mini-program to community customers.

Nice Tuan said that its gross merchandise volume (GMV), a metric used in the e-commerce sector to measure transaction volumes, exceeded 650 million yuan ($91 million) in April 2020 with the number of daily orders reaching 1.6 million at the peak.

Proceeds of the new round will be used to build nationwide storage and warehousing centres, to enhance the supply chain, and to further lift the company operations and user experience.

The startup had secured 100 million yuan ($14 million) in an angel round from ZhenFund, Qiming Venture Partners, and Joy Capital in August 2018.

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. 
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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.