Missfresh Raises 495M Dollars in Funding as China's E-Grocery Business Booms
CHINA - A newfound sense of trust has been forged between retailers and consumers as more shoppers become reliant on online services for their grocery needs. Consumers in China recently secured even more online grocery options as delivery service Missfresh has locked in a funding round of $495 million.
According to the news source TechCrunch, this massive investment was led by a fund under state-backed China International Capital Corporation, as well as ICBC International Securities, Tencent, Abu Dhabi Capital Group, Tiger Global, and a fund managed by the government of Changshu county. Though the nature of Missfresh's upcoming expansion has not been disclosed, we expect this investment to be a catalyst for unprecedented growth.
Reports suggest that the grocery delivery market is heating up in China, with only the most innovative strategists able to compete. Missfresh has managed to be one of the few who have found success in this sector, utilizing its network of mini warehouses to offer 30-minute delivery to 16 cities in China.
Will Stateside e-grocery contenders take a page from Missfresh’s playbook? Only time will tell, so stick with us at AndNowUKnow.