Chinese community group buying firm Tongcheng Life nets $200m in Series C round

Source: Andres Carreno/Unsplash

Chinese online-to-offline (O2O) community group buying platform Tongcheng Life has garnered $200 million in a Series C round of financing to enhance its supply chain capabilities and expand its presence in eastern and southern China.

The Series C round was led by Nasdaq-listed Chinese social media platform Joyy Inc and existing shareholder Engage Capital, an early-stage venture capital firm that counts Joyy as a key limited partner (LP).

Other investors include Legend Capital, Chinese government-linked investment holding group Oriza Holdings, and Tongcheng-Elong’s venture capital unit Tongcheng Capital.

GSR Ventures, Bertelsmann Asia Investments (BAI) and Welight Capital, an investment firm led by former Tencent executive Wu Xiaoguang, also participated in the round.

Tongcheng Life allows customers to purchase fresh produce and other home supplies through a WeChat mini program. The products are then delivered to smart lockers in residential communities for customers to pick up.

“Tongcheng Life transferred the fragmented agricultural service of providing fresh produce like vegetables and fruits into an integrated internet service,” said Li Xueling, co-founder and chairman of Joyy, in a WeChat post. “It operates as a new-generation internet company that delivers new life service offerings to about one billion people.”

The $200-million Series C round is the largest funding round raised by Tongcheng Life since its inception at the end of 2018.

Incubated and backed by Hong Kong-listed Chinese online travel agency Tongcheng-Elong, the startup completed four rounds of funding in 2019, including a $100-million Series B round led by Legend Capital last August.

The company is led by He Pengyu, a former senior vice president at Tongcheng-Elong, and Yin Xiang, who founded community group buying platform Qianxianhui that was acquired by Tongcheng Life in late 2018.

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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  • 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.