Miss Fresh completes latest round of fundraising

E-commerce food and grocery platform Miss Fresh completed its latest round of fundraising of $495 million on Thursday, according to the National Business Daily.

China International Capital Corporation took the lead in investment for this round of fundraising, with other investors including ICBC International, Tencent, Abu Dhabi Capital Group, Changshu Government Industrial Fund, Tiger Global and a fund under Goldman Sachs.

This round of fundraising is the biggest single financing for Miss Fresh, which will be invested in improving the company's smart chain technology and supply chain in products' places of origin.

Wang Jun, co-founder and CFO of Miss Fresh, said: "The enclosing stage for the fresh food e-commerce market has finished, and the second stage for user penetration and management qualification has come. Cross-area and cross-category increases are the centerpiece that should be realized. Comprehensive digitalization and smart upgrades will guarantee a refined user experience and efficiency improvement in operation during business expansion."

Data from Qixin.com showed this round was Miss Fresh's eight round of fundraising. The last round, raising $450 million, happened last September.

Xiao Feng, general manager of China International Capital Corporation, said Miss Fresh has seen positive operative cash flow for six consecutive months. He deemed digitalized chains and heavy storage supply chains as the base of core competency of Miss Fresh, deeming them both the fundamental driving force for the company and the core competitive barriers.

National Business Daily said the value of assessment for Miss Fresh will exceed $3 billion after this round of fundraising.