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Ecommerce

Ecommerce platform Fresh Buddy secures USD 100 mln

Monday 17 December 2018 | 01:35 PM CET

Fresh Buddy startup has raised USD 100 million in its Series B funding round led by Genesis Capital and backed by SIG China, DCM Ventures, and Vision Plus Capital.

The China-based fresh produce social commerce platform has been selling and delivering fresh vegetables and fruits since its inception early in 2018. But Fresh Buddy, which is also a project incubated by Tencent-backed Miss Fresh, introduced a new twist to the process – it offers cash rewards to users who refer other people to use the mobile app and make purchases.

An average referrer can get up to USD 145 a month while those who get more people to the site could get that same amount in a day, according to the company.

Moreover, in July 2018 Fresh Buddy raised USD 30 million in its Series A funding round backed by DCM Ventures, SIG China, and Welight Capital. The startup plans to utilise the fresh funding to strengthen its supply chain and logistics centre. According to the company, it sources directly from farms in order to cut costs.

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