Tencent-backed fresh produce retailer raises $100m

On the back of Pinduoduo's successful IPO, another Tencent-backed fresh produce site called Meiri Yitao has raised significant Series B funding.

Fresh produce social commerce platform Meiri Yitao has raised $100 million in Series B funding led by Genesis Capital.

Existing shareholder Susquehanna International Group SIG also joined the round together with venture capital firms DCM and Vision Capital. China Renaissance is the financial advisor for the deal.

Proceeds will be used to expand its supply chain and to build logistics centre to speed up delivery.

Meiri Yitao completed its Series A funding in July, when it raised $30 million from DCM, SIG and Welight Capital.

Meiri Yitao is a sub-brand of fresh produce delivery...

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