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- Meicai
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
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
Website
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
| Date | Stage | Valuation |
|---|---|---|
| Oct 2018 | Series F | $7B |
| Jan 2018 | Series E | $2.8B |
| Jun 2016 | Series 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
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Oct 2018 | Series F | Hillhouse Investment (lead); Shunwei Capital (lead); Tiger Global (lead) | $800M | $7B | - |
| Jan 2018 | Series E | CMC Capital Group (lead); Tiger Global (lead); VMS Asset Management | $450M | $2.8B | Meicai 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 2016 | Series D | - | $200M | $2B | Meicai 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 2014 | Series A | Blue Lake Capital (lead) | $1M | - | - |
| Aug 2014 | Seed | ZhenFund (lead) | $2M | - | - |
| Jun 2014 | Seed | ZhenFund | $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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Jun 2014 | ||
| 2 | Lead | Jan 2018 | ||
| 1 | Lead | Nov 2014 | ||
| 1 | Lead | Oct 2018 | ||
| 1 | Lead | Oct 2018 | ||
This data is available for Pro users. Sign up to see all 7 Meicai investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialInvestments 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
| 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 Country | |
| HQ City | Zhengzhou |
| Deal Date | 28 Jun 2020 |
| Round | Series B |
| Raised | $22M |
| Investors | - |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Meicai investments and their VC round multiples. Start Free Trial | |
Meicai Competitors
Meicai competitors include listed companies like Descartes Systems Group, Ingram Micro and HopeRun, and private ones like ElasticRun, RELEX Solutions and Workato.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1.5B | - | ||
| Publicly listed | $729M | $305M | $6.8B | 8.1x | ||
| Publicly listed | $53B | $1.1B | $6.3B | 0.2x | ||
| Private | - | - | $5.8B | - | ||
| Private | $30M | - | $5.7B | 190.0x | ||
| Publicly listed | $594M | $42M | $4.1B | 6.4x |
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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $729M | $305M | 8.8x | 8.1x | 21.1x | 17.7x | |||
| $13B | $461M | 1.5x | 1.5x | 41.6x | 19.8x | |||
| $53B | $1.1B | 0.2x | 0.2x | 8.7x | 6.6x | |||
| $12B | $2.5B | 1.2x | 1.2x | 5.7x | 7.7x | |||
| $2.9B | $539M | 3.6x | 3.3x | 19.6x | 12.6x | |||
| $2.8B | $1B | 2.5x | 2.1x | 6.9x | 5.8x | |||
| $5.3B | $910M | 1.4x | 1.3x | 8.1x | 6.9x | |||
| $594M | $42M | 7.1x | 6.4x | 100.0x | - | |||
This data is available for Pro users. Sign up to see all Meicai competitors and their valuation data. Start Free Trial | ||||||||
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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