News

Meicai: a Chinese startup that helps farmers sell vegetables could be worth $7 billion

Founded by a rocket scientist, Liu Chuanjun, in 2014, Meicai (website in Chinese only) that connects farmers with restaurants to help them sell vegetables and agriculture produce through its app has raised at least $600 million in its latest funding round, reported Bloomberg citing people familiar with the matter. The round was led by one of the leading global names in VC Tiger Global Management and China-based Hillhouse Capital.

According to one of Bloomberg’s sources, the company has raised $800 million at a valuation of $7 billion.

As crazy as it may sound, Meicai, a Chinese startup that helps farmers sell vegetables could be worth $7 billionClick To Tweet

The startup that cuts out the middlemen by allowing customers including businesses and restaurants order directly from the farms using its mobile app has surpassed $1.4 billion (10 billion yuan) in revenues, offering its services to about 100 cities in China.

Recently a similar Cairo-based startup FreshSource has raised seed funding to make it easier for farmers to sell their produce.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

MENAbytes covers tech and digital media stories from Middle East North Africa

We are trying to bring you all the latest happenings from startups to influencers, everything in tech and digital media from the region.

Copyright © 2017 MENABytes

To Top
X
Share
Tweet
Share
WhatsApp
Email
14 Shares