Missfresh operates an online grocery business that fulfills orders from about 1,500 “micro-warehouses” located in or near residential areas across China’s largest cities. This micro-warehouse model lets it keep produce fresher, cut cold-chain costs, and offer same-day and next-day delivery. In a recent funding round the company secured ¥2 billion ($306 million) from government-affiliated investment entities. Part of the funding is earmarked for construction of a new “intelligent supply chain center” in Chengyang District, a project the investments were reportedly conditional upon. In July, Missfresh raised $495 million in a Series F led by a CICC unit with participation from Goldman Sachs, Tencent, Tiger Global, ICBC and Abu Dhabi Capital Group. Press coverage notes Missfresh had secured roughly $700 million from government-linked funds by 2019 and remains backed by investors including Goldman Sachs and Tencent. Missfresh operates a network of mini-warehouses to deliver groceries to households within 30 minutes across 16 Chinese cities. The company is six years old and is deeply integrated into Tencent’s WeChat for customer access. Its model requires early investment in large-scale cold chains and significant user-acquisition spending to make home deliveries viable. Missfresh faces competition from Alibaba’s Freshippo and Meituan’s grocery offering, while rivals like Dingdong Maicai operate without major tech-backer support. Consumer adoption of e-grocery in China has grown rapidly — QuestMobile reported 11.6 million more daily active users in May year‑over‑year — which supports demand for on-demand grocery services. The business addresses consumer hesitation about buying perishables online by combining proximity warehousing with fast delivery. Miss Fresh operates a nearby‑warehouse fresh e‑commerce platform offering 1,000+ SKUs and same‑day delivery (currently within two hours, targeting 30 minutes). The company launched a “cloud refrigerator” strategy in Q2 that links its upstream industry chain, cold‑chain logistics and nearby warehouse technology. It is also rolling out “Convenience Shopping,” a self‑service office shelf program, and plans to invest ¥300 million to reach 100,000 points. Management said the C+ round proceeds will be used to expand storehouses in first‑ to third‑tier cities, build the brand and support market development. Miss Fresh reported it expected annual revenue of ¥3 billion in 2017 and said it has realized overall profit in six first‑tier cities. Founding team members named in the article include founder/CEO Xu Zheng and co‑founder/COO Zeng Bin.

Total raised

$744M

Funding rounds

3

Latest round

Equity

Latest activity

Dec 2020