Nice Tuan, a Chinese community e-commerce platform also known as Shihuituan, has raised $196 million in a Series C3 round in what is the firm’s fourth funding round this year as the COVID-19 pandemic has significantly accelerated consumer demand for online purchases of fresh produce.
The Series C3 round was jointly led by Chinese e-commerce giant Alibaba and Jeneration Capital, a Hong Kong-based investment firm best known for backing tech firms, according to a statement on Monday.
Other investors included Chinese private equity fund manager KunLun Fund; CICC Capital’s affiliated fund; and Chinese alternative asset management firm CDH Investments.
Global venture capital firm GGV Capital; Joy Capital, which mainly invests in startups in the TMT and innovative consumption fields; VC powerhouse Qiming Venture Partners; and INCE Capital, a VC firm co-led by former Qiming partner JP Gan, also poured money into this round.
Chinese boutique investment bank Cygnus Equity participated in the deal and served as the exclusive financial adviser.
Founded in 2018, Nice Tuan provides fresh produce, beverage, leisure food, and daily supplies through a namesake WeChat mini program to community customers. The company now serves about 20 million urban families in more than 200,000 residential communities in China. Its services cover more than 200 cities and 20 provinces.
Upon the completion of the round, Nice Tuan plans to continue serving small and medium-sized fresh produce merchants and brands, helping these suppliers expand their sales channels.
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