Chinese cold-chain logistics firm Xianshenghuo has raised 600 million yuan ($93 million) in its series A funding round, as a growing number of consumers choose online platforms to buy fresh food.
The round was joined by a group of investors including Longfor Capital, CICC Capital and Far Fast Horizon, Xianshenghuo said in a statement on Tuesday.
Founded in 2016 by Chinese agricultural product manufacturer New Hope Group, Chengdu-based Xianshenghuo’s primary source of revenue is from transporting fresh and frozen food products from producers to retailers and restaurants, with its clients including big names such as Walmart, KFC and Alibaba’s Freshippo, according to the company’s website.
In an effort to digitalize its logistics services, Xianshenghuo has launched an online platform named Yunlizhi providing its clients with services including order placing, automatic dispatching and online payments, according to the company.
The new funding comes at a time when major e-commerce and internet companies such as Alibaba and Tencent are spending more to improve their fresh food supply chains amid the Covid-19 pandemic that has increased demand for online consumption.
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