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Meicai: Check out the vegetable-selling startup that's valued at $2.8 bn

Meicai, which means "beautiful vegetable," was founded in 2014 with a goal of sourcing vegetables for about 10 million small and medium-size restaurants in China

Lulu Yilun Chen | Bloomberg 

Vegetable
Photo: Wikipedia Commons

Meicai, a China startup that helps farmers sell vegetables to restaurants, has raised $450 million in a funding round led by and China Media Capital, according to people familiar with the matter.

The raised the money at a valuation of about $2.8 billion as it seeks to expand in the costly fresh-foods market, said the people, asking not to be named because the matter is private. Genesis Capital was also an investor, the people said. The company and its backers scheduled a closing party for Thursday.

Meicai, which means “beautiful vegetable,” was founded in 2014 with a goal of sourcing vegetables for about 10 million small and medium-size restaurants in China. It allows owners to use an app on their smartphone to order specialities like bok choy and eggplant directly from farms. is the latest emerging player aiming to disrupt traditional by cutting out middlemen.

The funding underscores the lofty valuations Chinese are fetching in a market awash with capital. Five of the world’s 10 biggest venture deals were in Chinese-based last year, while the US accounted for two, according to researcher Preqin. The largest globally was the $5.5 billion funding in the Chinese ride-hailing giant

A total of $65 billion was invested in greater China, compared with $77 billion in North America, according to Preqin.

Liu Chuanjun, chief executive officer for Meicai, declined to comment on the fundraising.

First Published: Fri, January 12 2018. 10:04 IST
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