IDG Leads US$100 Million Series B Round for China Online Grocer (Asia)
Source: Asian Venture Capital Journal | Author(s): Andrew Woodman
China-focused venture capital firm IDG Capital Partners has led a US$100 million Series B financing round for China-based online grocer Womai.com, with participation from an existing backer, Asia-focused private equity firm SAIF Partners. With operations in Beijing and Shanghai, Womai specializes in selling imported products directly to Chinese consumers concerned about food safety and quality. The company will use the capital injection to invest in new storage facilities, logistics centers, IT systems and enhanced customer relations.