Tongcheng Life operates a community group-buying platform that lets customers order produce directly from farmers via a WeChat mini-program or through participating local store owners. Customers are banded into local buying groups to purchase in bulk, and orders are delivered to local stores or smart lockers for pickup. Fresh foods account for about 70% of the company’s volume, with the remainder made up of household goods and similar items. The model aims to reduce consumer prices and increase farmer returns by cutting out multiple intermediaries. Launched in 2018 and incubated by Tongcheng-Elong, the Suzhou-based startup plans to use new capital to enhance its supply chain and expand in eastern and southern China. Tongcheng Life has drawn significant agrifoodtech investment, including a prior $100 million Series B led by Legend Capital.

Total raised

$200M

Funding rounds

1

Latest round

Series C

Latest activity

Jun 2020