FruitDay Announces Completion of US$70 Million Financing
JD.com lead investor in Series C funding round Companies launch cooperation in fresh produce e-commerce space
FruitDay, the largest fresh produce e-retailer in China by revenue, today announced that it has completed a US$70 million Series C funding, the largest financing round in China's fresh produce e-commerce industry to date.
JD.com, Inc. (Nasdaq:JD), China's largest online direct sales company, was the lead investor in the round followed by an investor group including Susquehanna International Group (SIG) and ClearVue, both of which participated in previous financing rounds. The funds raised will be used for infrastructure construction, recruitment of management talent, business development and strengthening of FruitDay's upstream supply chain system.
As part of the investment, JD.com and FruitDay will enter into a strategic cooperation under which FruitDay will leverage JD.com's nationwide fulfillment infrastructure to help FruitDay expand to serve markets throughout China.
Founded in 2009, FruitDay has become China's online leader in fresh produce through its deep dedication to quality and customer service. In order to ensure a truly world-class online shopping experience, FruitDay maintains strict quality control over the entire logistics process, including produce selection, transportation, storage, distribution and after-sale services. More than 80% of the fruit that FruitDay sells in China is imported from countries including the US, Australia, New Zealand, Chile and South Africa, among others, underscoring its leadership in the specialized sector of cold chain logistics. Over the past six years, FruitDay has experienced annual topline growth of over 150%, becoming China's largest fresh produce e-commerce company by revenue.
"For over six years, FruitDay's dedication to providing Chinese consumers with the best possible experience shopping for fresh produce online has helped us become the clear leader in this fast growing vertical," said FruitDay founder and CEO Wei Wang. "The financing announced today will allow us to continue strengthening FruitDay's market leadership as we build a world-class management team and further expand our cold chain logistics and upstream supply chain capabilities.
"We are delighted and honored that JD.com, China's largest direct sale e-commerce company, has recognized FruitDay's advantages in the fresh produce space. Our strategic partnership with JD.com will enhance FruitDay's ability to provide consumers throughout China with fresh produce from around the world in the safest, fastest and most convenient manner."
"With our shared commitment to providing consumers with the best online shopping experience, FruitDay and JD.com are natural partners as Chinese consumers increasingly shift to purchasing fresh produce online," said JD Mall CEO Haoyu Shen. "By combining JD.com's online ecommerce platform and nationwide logistics infrastructure with FruitDay's vertical leadership, more and more Chinese consumers nationwide will have the ability to purchase safe and healthy fresh produce online with confidence. As we build China's premier online e-commerce platform, JD.com will continue to explore long-term partnerships with leaders in key vertical markets."
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