Meicai Valuation, Funding & Investors

Meicai is valued at $7B as of October 2018.

Last Meicai valuation

$7B

Series F · Oct 2018

Last Meicai funding round

$800M

Series F · Oct 2018

Cumulative funding Meicai raised

$1.5B

across 6 funding rounds

Key investors in Meicai

  • Tiger Global
  • ZhenFund
  • Shunwei Capital
  • Hillhouse Investment
  • CMC Capital Group
  • Blue Lake Capital

Meicai Overview

About Meicai

Meicai is a Beijing-headquartered B2B platform for fresh produce supply chain connecting farms to restaurants and hotels across China. Founded in 2014, the company operates cold-chain logistics from Hubei origins to Beijing kitchens, delivering vegetables, meats, and seafood daily. Meicai serves 300,000 merchants in 100 cities with mobile ordering and quality traceability via blockchain.


Founded

2014

HQ

ChinaBeijing

Website

meicai.cn

Status

Privately held

Customer focus

B2B

Revenue model

Commission, Subscription

Valuation

$7B (Oct 2018)

Meicai Valuation

Meicai is currently valued at $7B, based on its Series F in October 2018.

The $800M round was led by Hillhouse Investment, Shunwei Capital and Tiger Global.

Meicai's valuation has grown 3.5x from $2B at its Series D in June 2016 to $7B in October 2018, across 3 priced rounds.

Meicai valuation by funding round

Meicai valuation by funding round
DateStageValuation
Oct 2018Series F$7B
Jan 2018Series E$2.8B
Jun 2016Series D$2B

Meicai Funding History

Meicai has raised a total of $1.5B across 6 funding rounds.

Meicai's first fundraising round was a $700K seed round in June 2014. The most recent completed round was a $800M Series F in October 2018.

Meicai funding rounds

Meicai funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Oct 2018Series FHillhouse Investment (lead); Shunwei Capital (lead); Tiger Global (lead)$800M$7B-
Jan 2018Series ECMC Capital Group (lead); Tiger Global (lead); VMS Asset Management$450M$2.8BMeicai is a Chinese B2B e-commerce platform specializing in fresh produce for the restaurant industry, founded in 2014 as Beijing Spruce Information Technology Co., Ltd. The company connects restaurants with suppliers of vegetables, meat, and other perishables, aiming to streamline procurement and reduce waste in China's massive catering sector. By 2018, Meicai had grown significantly, reportedly employing up to 30,000 people and competing in the logistics and supply chain space amid China's booming online-to-offline services. In January 2018, Meicai raised $450 million in a Series E funding round led by CMC Capital Partners (also referred to as CMC Capital Group) and Tiger Global Management, with participation from Genesis Capital. The funding brought Meicai's total capital raised to approximately $1.452 billion across eight rounds by early 2018, supporting expansion of its supply chain network and technology platform. Later in October 2018, Meicai reportedly secured an additional $600 million from Tiger Global and Hillhouse Capital (Asia), and a $140 million Series F from Hillhouse, Shunwei Capital, and Tiger Global around the same period, indicating rapid follow-on investment amid aggressive growth in China's B2X and logistics sectors. Meicai operated in a competitive landscape with players like those in Hurun's unicorn lists (e.g., Cainiao at $19 billion valuation), backed by top investors including Tiger Global, which had stakes in 36 unicorns by 2019. The company's trajectory positioned it as a potential unicorn contender in e-commerce logistics.
Jun 2016Series D-$200M$2BMeicai is a Chinese B2B e-commerce platform founded in 2014 that connects farmers and suppliers directly with restaurants and other food service businesses, allowing them to order raw materials, vegetables, and kitchen supplies online. The platform eliminates traditional intermediaries in the agricultural supply chain, enabling fresher produce delivery to buyers while providing direct market access for farmers and vendors. By 2026, the company has grown to a $7 billion valuation, establishing itself as the leading agriculture unicorn in China. Meicai raised over CNY 1 billion (approximately USD 150 million) by the end of 2015, and subsequent funding rounds included a Series D in June 2016 that pushed the valuation to over USD 2 billion, followed by a Series E of $450 million in January 2018 led by CMC Capital Partners, Genesis Capital, and Tiger Global Management. Following its Series D funding, Meicai invested heavily in logistics infrastructure, rolling out cold-chain trucks in 2017 and announcing a plan to acquire 3,000 to 5,000 refrigerated trucks to support the transportation of perishable foods and expand its operational capacity.
Nov 2014Series ABlue Lake Capital (lead)$1M--
Aug 2014SeedZhenFund (lead)$2M--
Jun 2014SeedZhenFund$700K--

Who has invested in Meicai?

7 investors have backed Meicai across its funding rounds, including Tiger Global, ZhenFund, Shunwei Capital, Hillhouse Investment, CMC Capital Group and Blue Lake Capital.

Lead investors include Hillhouse Investment, Shunwei Capital, Tiger Global, CMC Capital Group, Blue Lake Capital and 1 other investor.


Meicai Investors

Investors in Meicai by funding rounds participated
InvestorHQRoundsRoleFirst check
ZhenFundChinaBeijing2LeadJun 2014
Tiger GlobalUnited StatesNew York City, NY2LeadJan 2018
Blue Lake CapitalChinaChaoyang1LeadNov 2014
Shunwei CapitalChinaBeijing1LeadOct 2018
Hillhouse InvestmentSingaporeSingapore1LeadOct 2018

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Investments by Meicai

Meicai has invested in 1 company to date.

Latest investment by Meicai was on June 28th 2020. Meicai invested in Liancaiwang.cn in their $22M Series B round.


Latest Investments by Meicai

Liancaiwang.cn
Description
Liancaiwang.cn is a China-based procurement platform serving the catering sector with streamlined supply services. Restaurants utilize its one-touch ordering system to source ingredients and inventory efficiently, optimizing back-end operations. The platform targets the internet transformation of foodservice logistics nationwide.
HQ CountryChina
HQ City
Zhengzhou
Deal Date28 Jun 2020
RoundSeries B
Raised$22M
Investors-
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Meicai Competitors

Meicai competitors include listed companies like Descartes Systems Group, Ingram Micro and HopeRun, and private ones like ElasticRun, RELEX Solutions and Workato.

Public and private companies comparable to Meicai
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
ElasticRunIndiaPunePrivate--$1.5B-
Descartes Systems GroupCanadaCanadaPublicly listed$729M$305M$6.8B8.1x
Ingram MicroUnited StatesUnited StatesPublicly listed$53B$1.1B$6.3B0.2x
RELEX SolutionsFinlandHelsinkiPrivate--$5.8B-
WorkatoUnited StatesSan Francisco, CAPrivate$30M-$5.7B190.0x
HopeRunChinaChinaPublicly listed$594M$42M$4.1B6.4x

Meicai Public Comps

Meicai is still privately-owned, but its public comps include Descartes Systems Group, Tongwei, Ingram Micro, Mosaic, SalMar, Fertiglobe, UPL, HopeRun, Oman India Fertiliser Company and Wuchan Zhongda Group Co.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Descartes Systems Group$729M$305M8.8x8.1x21.1x17.7x
Tongwei$13B$461M1.5x1.5x41.6x19.8x
Ingram Micro$53B$1.1B0.2x0.2x8.7x6.6x
Mosaic$12B$2.5B1.2x1.2x5.7x7.7x
SalMar$2.9B$539M3.6x3.3x19.6x12.6x
Fertiglobe$2.8B$1B2.5x2.1x6.9x5.8x
UPL$5.3B$910M1.4x1.3x8.1x6.9x
HopeRun$594M$42M7.1x6.4x100.0x-

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Common questions about Meicai

When was Meicai founded?Meicai was founded in 2014.
Where is Meicai headquartered?Meicai is headquartered in Beijing, China.
Is Meicai publicly listed?No, Meicai is a private, VC-backed company.
What is Meicai's valuation?Meicai was last valued at $7B in its Series F in October 2018.
How much funding has Meicai raised?Meicai has raised $1.5B across 6 funding rounds.
What was Meicai's last funding round?Meicai's last funding round was a $800M Series F in October 2018, led by Hillhouse Investment, Shunwei Capital and Tiger Global.
Who are Meicai's investors?Meicai's investors include ZhenFund, Tiger Global, Blue Lake Capital, Shunwei Capital, Hillhouse Investment, VMS Asset Management and CMC Capital Group.
Which companies are comparable to Meicai?Companies comparable to Meicai include ElasticRun, Descartes Systems Group, Ingram Micro, RELEX Solutions, Workato and HopeRun.
How many companies has Meicai invested in?Meicai has invested in 1 company, including Liancaiwang.cn.
What was Meicai's last investment?In June 2020, Meicai invested in Liancaiwang.cn's $22M Series B.

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