Nice Tuan raises $80M in fundraising round

Chinese community-based online retailing platform Nice Tuan announced on Wednesday it has raised $80 million in its series C2 round of fundraising, as the startup strives to deepen new infrastructure efforts for higher growth.

Led by CDH Investments, the latest round also includes GGV Capital, INCE Capital and CMBC Capital Holdings Ltd. Cygnus Equity serves as the financial advisor.

The move came not long after the GGV led a $81.4 million investment to Nice Tuan. Founded in June 2018, Nice Tuan is one of the fastest-growing startups in terms of community-based group buying.

During the COVID-19 outbreak, the Beijing-based startup has helped many epidemic-stricken areas with fresh food supply.

With the new financing, Nice Tuan said it will boost its basic warehousing capacity and strengthen its commodity supply chain system, and at the same time seek new market growth and make strides for sustainable growth.

"The company is expected to build 3 million self-pickup stations for group buying over the next three years, which will allow both urban and rural users in the country to get fresh food within an easy walking distance of three to five minutes," it said.