DLA Piper has advised MissFresh, a Chinese online grocery retailer backed by Tencent Holdings, on its series C+ round financing, raising US$230 million in total. US investment firm Tiger Global and China’s Genesis Capital co-led the investment. This brings MissFresh’s total capital raised from series C financing to US$330 million.
Founded in 2014, MissFresh provides consumers with fresh grocery products (such as meat and fruits) and guarantees delivery within two hours. Based on a report released by TrustData, the number of MissFresh customers has risen more than six times in the first half of 2017, the highest increase in the direct fresh grocery delivery market.
MissFresh plans to use the proceeds for market expansion and brand building in China. It will also deploy more capital to render greater support for producers as part of the effort to reform the value chain and change the conventional collaboration model between farmers and businesspeople.
The transaction was led by DLA Piper Corporate partner Gloria Liu who was assisted by registered foreign lawyer Jean Jiang.