China’s online-to-offline service provider Meituan-Dianping, along with Sinovation Ventures and e-commerce major JD.com, has led a $23 million investment in Weiyang, a pig farm business backed by internet tech firm NetEase Inc, the China Money Network reported.
Beijing-based Fengyun Capital and Zhejiang Silicon Paradise Asset Management Group also participated in the Series A round.
Weiyang is known for its 300-day slow pig raising plan, with a focus on natural food and proper sanitation. It has about 20,000 pigs on the 80-hectare farm and focuses on producing high-quality black pork.
NetEase founder William Ding is reportedly looking to establish a pork restaurant supplied by the pig farm. According to Forbes, Ding, who started his internet and gaming business in 2003, has a net worth of over $15.6 billion.
In March, Weiyang raised RMB 11 million ($1 million) via a crowdfunding campaign, making it the largest such deal in China’s agriculture sector.
Meituan-Dianping also received a strategic investment from retail conglomerate China Resources Holdings in 2016 to collaborate in the food delivery business.