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- Tongcheng Shenghuo
Tongcheng Shenghuo Valuation, Funding & Investors
Tongcheng Shenghuo is valued at $710M as of June 2020.
Last Tongcheng Shenghuo valuation
$710M
Series C · Jun 2020
Last Tongcheng Shenghuo funding round
$200M
Series C · Jun 2020
Cumulative funding Tongcheng Shenghuo raised
$306M
across 5 funding rounds
Key investors in Tongcheng Shenghuo
GSR Ventures
BAI capital
Engage Capital
ZhenFund
Legend Capital
Oriza Holdings
About Tongcheng Shenghuo
Tongcheng Shenghuo is a Hefei-based community O2O group-buying platform delivering fresh produce, daily necessities, beauty products, flowers, and crafts through neighborhood sales offices. The service handles supply chain logistics, warehousing, and after-sales support for residential communities across central China.
Founded
2018
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Commission
Valuation
$710M (Jun 2020)
Tongcheng Shenghuo Valuation
Tongcheng Shenghuo is currently valued at $710M, based on its Series C in June 2020.
The $200M round was led by Engage Capital and JOYY, with participation from Tongcheng Capital, Welight Capital, GSR Ventures, Legend Capital, BAI capital and 1 other investor.
Tongcheng Shenghuo valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jun 2020 | Series C | $710M |
Tongcheng Shenghuo Funding History
Tongcheng Shenghuo has raised a total of $306M across 5 funding rounds.
Tongcheng Shenghuo's first fundraising round was a $1M seed round in November 2018. The most recent completed round was a $200M Series C in June 2020.
Tongcheng Shenghuo funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jun 2020 | Series C | Engage Capital (lead); JOYY (lead); Tongcheng Capital; Welight Capital; GSR Ventures; Legend Capital; BAI capital; Oriza Holdings | $200M | $710M | Tongcheng Shenghuo, operating as Tongcheng Life, is a Suzhou-based online platform facilitating community group-buying of fresh produce and household goods, with fresh foods comprising about 70% of its volume. The model aggregates buyers for bulk purchases to lower consumer prices and improve farmer returns by cutting out middlemen, similar to platforms like Pinduoduo. The company is backed by its parent Tongcheng-Elong Group and focuses on eastern and southern China. In November 2020, Tongcheng Life closed a $200 million Series C funding round co-led by Engage Capital and JOYY (Joyy), with JOYY contributing half the amount at $100 million. Other investors included returning backers Legend Capital, Bertelsmann Asia Investments (BAI Capital), GSR Ventures, Oriza Holdings, Welight Capital, and Tongcheng Capital. The post-money valuation reached over RMB 5 billion (USD 710 million), as stated by founder Wu Zhixiang. Funds were earmarked for supply chain enhancements and geographic expansion. JOYY's chairman Li Xueling highlighted the investment's social value in making agriculture more efficient, cleaner, and safer, complementing JOYY's content-focused business in social media, gaming, and livestreaming platforms like YY, Huya, and Bigo. The startup operates under Suzhou Xiancheng Technology. |
| Aug 2019 | Series B | Legend Capital (lead); ZhenFund; Engage Capital; Tongcheng Capital; GSR Ventures; BAI capital; GF Xinde Investment Management | $100M | - | Tongcheng Shenghuo is a local service provider and group-buying platform founded in January 2018 as an internal product of the US-listed online travel agency Tongcheng, focusing on enabling neighborhood residents to group-buy fresh fruits, vegetables, meat, and other fresh products primarily in East China and South China. It leverages WeChat chat groups and mini programs for social e-commerce. The company closed its Series B funding round in 2019, raising USD 100 million led by Legend Capital, with participation from earlier investors Bertelsmann Asia Investment Fund (BAI Capital), Yilian Capital (likely Engage Capital), and Tongcheng Capital, as reported by 36Kr. Legend Capital partner Shao Zhenxing highlighted the investment as a bet on social e-commerce, praising Tongcheng Shenghuo's use of WeChat for localized consumer reach. Tongcheng founder and chairman Wu Zhixiang noted the massive RMB 5 trillion (USD 702 billion) fresh produce market in China, predicting the emergence of companies with yearly revenues up to RMB 10 billion (USD 1.4 billion). |
| Jun 2019 | Series A | Engage Capital (lead); ZhenFund; Welight Capital; GSR Ventures; BAI capital; Oriza Holdings | $1M | - | - |
| Dec 2018 | Angel | Tongcheng Zhongchuang Fund; Tencent | $3M | - | - |
| Nov 2018 | Seed | Tongcheng Zhongchuang Fund (lead) | $1M | - | - |
Who has invested in Tongcheng Shenghuo?
12 investors have backed Tongcheng Shenghuo across its funding rounds, including GSR Ventures, BAI capital, Engage Capital, ZhenFund, Legend Capital and Oriza Holdings.
Lead investors include Engage Capital, JOYY, Legend Capital and Tongcheng Zhongchuang Fund.
Tongcheng Shenghuo Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Jun 2019 | ||
| 3 | Participant | Jun 2019 | ||
| 3 | Participant | Jun 2019 | ||
| 2 | Participant | Jun 2019 | ||
| 2 | Lead | Nov 2018 | ||
| 2 | Participant | Aug 2019 | ||
| 2 | Participant | Jun 2019 | ||
| 2 | Lead | Aug 2019 | ||
| 2 | Participant | Jun 2019 | ||
| 1 | Participant | Dec 2018 | ||
This data is available for Pro users. Sign up to see all 12 Tongcheng Shenghuo investors. Start Free Trial | ||||
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Start Free TrialTongcheng Shenghuo Competitors
Tongcheng Shenghuo competitors include listed companies like Groupon and Ibotta, and private ones like Goldbelly, Instawork, JOKR and Ozon.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $205M | - | $720M | 3.5x | ||
| Private | $100M | - | $760M | - | ||
| Publicly listed | $498M | ($19M) | $765M | 1.7x | ||
| Private | - | - | $800M | - | ||
| Private | $118M | - | $815M | - | ||
| Publicly listed | $342M | $7M | $972M | 2.4x |
Tongcheng Shenghuo Public Comps
Tongcheng Shenghuo is still privately-owned, but its public comps include Suedwestdeutsche, Once Upon a Farm, WeBuyCars, Hemnet, Ülker, Agthia Group, Westrock Coffee, Carozzi, Dodla Dairy and First Milling.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $396M | $74M | 1.8x | - | 9.5x | - | |||
| $241M | ($14M) | 2.5x | 2.0x | (44.5x) | 177.1x | |||
| $1.6B | $90M | 0.5x | 0.5x | 9.7x | 8.6x | |||
| $156M | $78M | 4.8x | 5.2x | 9.6x | 11.1x | |||
| $2.3B | $214M | 0.7x | 0.6x | 7.5x | 4.0x | |||
| $1.3B | $126M | 0.8x | 0.8x | 8.8x | 7.2x | |||
| $1.2B | $14M | 1.3x | 1.3x | 107.9x | 17.7x | |||
| $1.7B | $217M | 0.9x | - | 6.8x | - | |||
This data is available for Pro users. Sign up to see all Tongcheng Shenghuo competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Tongcheng Shenghuo
| When was Tongcheng Shenghuo founded? | Tongcheng Shenghuo was founded in 2018. |
| Where is Tongcheng Shenghuo headquartered? | Tongcheng Shenghuo is headquartered in Suzhou, China. |
| Is Tongcheng Shenghuo publicly listed? | No, Tongcheng Shenghuo is a private, VC-backed company. |
| What is Tongcheng Shenghuo's valuation? | Tongcheng Shenghuo was last valued at $710M in its Series C in June 2020. |
| How much funding has Tongcheng Shenghuo raised? | Tongcheng Shenghuo has raised $306M across 5 funding rounds. |
| What was Tongcheng Shenghuo's last funding round? | Tongcheng Shenghuo's last funding round was a $200M Series C in June 2020, led by Engage Capital and JOYY. |
| Who are Tongcheng Shenghuo's investors? | Tongcheng Shenghuo's investors include Engage Capital, GSR Ventures, BAI capital, ZhenFund, Tongcheng Zhongchuang Fund, Tongcheng Capital, Welight Capital, Legend Capital, Oriza Holdings, Tencent and 2 others. |
| Which companies are comparable to Tongcheng Shenghuo? | Companies comparable to Tongcheng Shenghuo include Goldbelly, Instawork, Groupon, JOKR, Ozon and Ibotta. |
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