Agrimedia raises 100 million yuan in series A plus fundraising

Agrimedia, a smart media solutions provider, announced that it has raised 100 million yuan ($15 million) in its series A plus round of fundraising, as it scrambles to tap into lower-tier cities and counties to empower more mom-and-pop stores.

The fundraising was led by Shanghai Qijing Investment Co Ltd Investment firm CCV also invested in a consecutive two rounds.

With the new financing, Agrimedia said that it will step up expanding its business into lower-tier cities, counties and the countryside to help digitalize mom-and-pop stores.

Nie Dongchen, partner of CCV, said that the company takes residents from counties, towns, and rural areas as its core customers and leverages smart media terminals to integrate offline scenarios to reach and benefit consumers.

"With its operating capabilities, the company has been increasing its penetration rate through strong regional coverage and word-of-mouth marketing," Nie said.

Agrimedia, founded in 2017, started its business as a smart media provider, and then expanded by installing 50,000 smart terminals in mom-and-pop stores and community stores in fourth and fifth-tier cities and counties.