Gfresh, an online business-to business seafood marketplace, has received a USD 20 million (EUR 18 million) investment from Chinese e-commerce giant Alibaba.
Gfresh made the announcement on 3 November at the China Fisheries and Seafood Expo in Qingdao, China. The funding will come from Alibaba-backed venture capital fund Riverhill Capital and Legend Capital, a private equity and venture capital group. As part of the deal, Simon Xi, the co-founder of Alibaba and Legend Capital’s Tony Wang will join the board of directors at Gfresh.
Launched in 2014, Gfresh is an online marketplace designed specifically for cross-border business-to-business seafood sales. It is backed by Shanghai Regal Co., the largest customs house in Shanghai. More than 30 countries are now represented on the platform including Australia, Canada, the United States, New Zealand and several European countries.
“With the broadened market coverage and diversified distribution channel, Gfresh can provide an even better platform for regions to demonstrate their brands and sell their products,” the company said in a press release. “Gfresh is thrilled to embark on the next phase of development. The financing by Alibaba and Legend Capital opens many exciting doors.”
The new financing will allow Gfresh to pursue product initiatives for its online seafood marketplace; expand to new markets; and upgrade its logistics supply chain service, according to the company.
Currently, the distribution of Gfresh's online marketplace covers Beijing, Shanghai, Guangzhou and Chongqing. Gfresh went live in November 2014, and has surpassed USD 200 million (EUR 180 million) in gross merchandise value since then.
The deal will also include the initiation of a cooperative relationship between Gfresh and You Shi Guan Jia, an online-to-offline distribution business in which Legend Capital is an investor..
Gfresh previously announced commitments to agreements with Tmall and He Ma for the sourcing of fresh produce.
Alibaba invests in online seafood marketplace Gfresh
Gfresh, an online business-to business seafood marketplace, has received a USD 20 million (EUR 18 million) investment from Chinese e-commerce giant Alibaba.
Gfresh made the announcement on 3 November at the China Fisheries and Seafood Expo in Qingdao, China. The funding will come from Alibaba-backed venture capital fund Riverhill Capital and Legend Capital, a private equity and venture capital group. As part of the deal, Simon Xi, the co-founder ofAlibaba and Legend Capital’s Tony Wang will join the board of directors at Gfresh.
Launched in 2014, Gfresh is an online marketplace designed specifically for cross-border business-to-business seafood sales. It is backed by Shanghai Regal Co., the largest customs house in Shanghai. More than 30 countries are now represented on the platform including Australia, Canada, the United States, New Zealand and several European countries.
“With the broadened market coverage and diversified distribution channel, Gfresh can provide an even better platform for regions to demonstrate their brands and sell their products,” the company said in a press release. “Gfresh is thrilled to embark on the next phase of development. The financing by Alibaba and Legend Capital opens many exciting doors.”
The new financing will allow Gfresh to pursue product initiatives for its online seafood marketplace; expand to new markets; and upgrade its logistics supply chain service, according to the company.
Currently, the distribution of Gfresh's online marketplace covers Beijing, Shanghai, Guangzhou and Chongqing. Gfresh went live in November 2014, and has surpassed USD 200 million (EUR 180 million) in gross merchandise value since then.
http://www.seafoodsource.com/commentary/gfresh-charts-course-into-brave-new-world-of-online-live-seafood-sales
The deal will also include the initiation of a cooperative relationship between Gfresh and You Shi Guan Jia, an online-to-offline distribution business in which Legend Capital is an investor..
Gfresh previously announced commitments to agreements with Tmall and He Ma for the sourcing of fresh produce.
