Post by emonseo29 on Mar 9, 2024 23:55:08 GMT -5
Last week, Cygnus Equity, an investment bank that advises Dingdong Maicai on fundraising and is itself an investor in the startup, said the Shanghai e-grocer had raised $ million in a “Series D-plus” round led by SoftBank’s Vision Fund.
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Chinese agricult C Level Executive List ural products platform Dingdong Maicai raises $ billion
This followed a $ million Series D injection last month, which was co-led by US investment giant Coatue Management and London-based internet investor DST Global.
Other international investors participating in that round included Sequoia Capital, Tiger Global Management, MassAve Global and General Atlantic, APlus Partners, Aspex Management, W Fund Management, Capital Today, CMC Capital, Ocean Link and Lenovo-affiliated Hony Capital. among Greater China investors who participated in the round.
In an announcement on social messaging platform WeChat, Dingdong Maicai said it will use the funds for regional expansion, improving its supply chain capabilities and hiring more staff.
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The online-to-offline platform sources fresh produce from farmers and agribusinesses and delivers it directly to consumers, who can order food through a mobile app. According to local newspaper st Century Herald, Dingdong Maicai handles , orders each day, recording monthly revenue of billion yen ($ million). It operates around , warehouses in of China's largest cities.
China's largest agricultural platform reports extraordinary growth as founder gives up foodtech opportunity.
In its WeChat statement, it said it “strives to get closer to the source of ingredients and agricultural production,” to achieve greater efficiency in the fresh produce supply chain, maintain high quality standards, and “enable consumers to eat fresher and safer foods. . »
Dingdong Maicai added that he will continue his efforts to "promote modern planting and breeding industries" and to encourage "modern agricultural development and rural revitalization" throughout China.
Agrifood Startup Investing Report, the 'eGrocery' category, which comprises companies that sell produce and other groceries online and deliver them to consumers, raised $ billion in total last year, making it the largest category financing of the country. category.
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Chinese agricultural products platform Dingdong Maicai raises $ billion
But while it dominated in dollar terms, eGrocery recorded only half the transactions it did in This points to the relative maturity of the category compared to others in China, with investors responding to the high capital demands of larger players. established.
These include Dingdong Maicai and key competitors such as Missfresh – which is backed by Goldman Sachs and Tencent and raised more than $ million in financing last year – as well as Meituan's shopping service Meituan Maicai, Pinduoduo's Duo Duo Maicai and Alibaba Hema, the technology-enabled supermarket chain. Several of these large e-grocers are looking to extend their reach across multiple regions in China, driving consolidation in the industry.
You may be interested in:
An autonomous robot that removes weeds
Chinese agricult C Level Executive List ural products platform Dingdong Maicai raises $ billion
This followed a $ million Series D injection last month, which was co-led by US investment giant Coatue Management and London-based internet investor DST Global.
Other international investors participating in that round included Sequoia Capital, Tiger Global Management, MassAve Global and General Atlantic, APlus Partners, Aspex Management, W Fund Management, Capital Today, CMC Capital, Ocean Link and Lenovo-affiliated Hony Capital. among Greater China investors who participated in the round.
In an announcement on social messaging platform WeChat, Dingdong Maicai said it will use the funds for regional expansion, improving its supply chain capabilities and hiring more staff.
Interesting to read:
Agrodome is a solution that completely eliminates the need for a greenhouse.
The online-to-offline platform sources fresh produce from farmers and agribusinesses and delivers it directly to consumers, who can order food through a mobile app. According to local newspaper st Century Herald, Dingdong Maicai handles , orders each day, recording monthly revenue of billion yen ($ million). It operates around , warehouses in of China's largest cities.
China's largest agricultural platform reports extraordinary growth as founder gives up foodtech opportunity.
In its WeChat statement, it said it “strives to get closer to the source of ingredients and agricultural production,” to achieve greater efficiency in the fresh produce supply chain, maintain high quality standards, and “enable consumers to eat fresher and safer foods. . »
Dingdong Maicai added that he will continue his efforts to "promote modern planting and breeding industries" and to encourage "modern agricultural development and rural revitalization" throughout China.
Agrifood Startup Investing Report, the 'eGrocery' category, which comprises companies that sell produce and other groceries online and deliver them to consumers, raised $ billion in total last year, making it the largest category financing of the country. category.
Singapore Government launches $ million agricultural fund to boost urban food production
Chinese agricultural products platform Dingdong Maicai raises $ billion
But while it dominated in dollar terms, eGrocery recorded only half the transactions it did in This points to the relative maturity of the category compared to others in China, with investors responding to the high capital demands of larger players. established.
These include Dingdong Maicai and key competitors such as Missfresh – which is backed by Goldman Sachs and Tencent and raised more than $ million in financing last year – as well as Meituan's shopping service Meituan Maicai, Pinduoduo's Duo Duo Maicai and Alibaba Hema, the technology-enabled supermarket chain. Several of these large e-grocers are looking to extend their reach across multiple regions in China, driving consolidation in the industry.