(Yicai Global) Dec. 11 -- FreshBuddy, a social and e-commerce platform developed by Beijing Missfresh E-Commerce, has completed USD100 million Series B financing.
This round was led by Beijing-based internet investment fund Genesis Capital, whose founder Richard Peng (Peng Zhijian) is the former vice president of Chinese internet giant Tencent Holdings and general manager of its merger and acquisition department
FreshBuddy started up in April. Targeting rising consumption in China's third- and fourth-tier cities, it mainly sells agricultural produce and fresh food via social-media sharing and membership channels. It expands its clientele through Tencent's WeChat social media app, Tencent's online Yixian media reported today. The company completed its USD30 million Series A financing in July.
The Series B proceeds will go to integrate and upgrade its industrial chain, including cultivating upstream supply, developing more product varieties, constructing downstream regional logistics centers and improving the user experience, FreshBuddy said.
Peng is upbeat about the startup's potential. "China's retail sector faces new opportunities and challenges, the integration of social and e-commerce platforms has become a key issue amid the diversified demand brought about by greater consumption, an ever richer supply side, mobile social media upgrades and the swift growth of cold chain logistics," he said.
Formed in 2014, FreshBuddy's parent Missfresh mainly provides mobile e-commerce services. Tencent is an investor, participating in its USD450 million September funding in its fourth cash infusion into the company.
Editor: Ben Armour