Yonghui Fresh Food Funding, Investors & Competitors

Yonghui Fresh Food has raised $290M across 2 funding rounds, most recently a $153M Series A in December 2020.

Last Yonghui Fresh Food funding round

$153M

Series A · Dec 2020

Cumulative funding Yonghui Fresh Food raised

$290M

across 2 funding rounds

Key investors in Yonghui Fresh Food

Yonghui Fresh Food Overview

About Yonghui Fresh Food

Yonghui Fresh Food is a central supply chain platform for Yonghui Superstores, sourcing fresh produce, meat, and seafood for over 1,200 retail outlets across China. It integrates procurement, logistics, and distribution to serve wholesale and retail customers nationwide.


Founded

2015

HQ

ChinaBeijing

Status

Privately held

Customer focus

B2B

Revenue model

Services

Yonghui Fresh Food Funding History

Yonghui Fresh Food has raised a total of $290M across 2 funding rounds.

Yonghui Fresh Food's first fundraising round was a $137M Series A in November 2018. The most recent completed round was a $153M Series A in December 2020.

Yonghui Fresh Food funding rounds

Yonghui Fresh Food funding rounds
DateStageInvestorsRaisedDeal Summary
Dec 2020Series ACICC (lead); Tencent (lead); Minsheng Securities; Hillhouse Investment; Yonghui Superstores; China Merchants Bank; Greenwoods Investment; HSG$153MYonghui Fresh Food is a B2B fresh produce platform and subsidiary of Chinese supermarket chain Yonghui Superstores, established in 2011 in Shanxi province. It operates as a one-stop fresh produce service provider, leveraging nine processing factories and regional warehouses to distribute fresh groceries to corporates and retailers. In December 2020, it raised 1 billion yuan ($153 million) in a strategic investment round co-led by Tencent and CICC Qizhi, with participation from China Merchants Bank, Greenwoods Investment, Hillhouse Investment (existing), Minsheng Securities, and Yonghui Superstores itself. Post-round, Yonghui Superstores retained the largest stake at 32.33% (down 2.67 percentage points), followed by Hillhouse Capital at 26.80% and Sequoia Capital China at 13.40%. New investors Tencent, CICC Qizhi, Minsheng, China Merchants, and Greenwoods each received 0.40% stakes. This followed a 2018 Series A of 950 million yuan ($145 million) from Yonghui Superstores, Hillhouse, Sequoia, and others. For the first nine months of 2020, Yonghui Fresh Food reported 3.08 billion yuan ($471 million) in sales revenue and 1.9 billion yuan ($294 million) in assets under management. In 2019, revenue reached 3.194 billion yuan with net profit of 370 million yuan. The parent Yonghui Superstores, listed in Shanghai since 2010, had a market valuation of 69 billion yuan ($11 billion) as of December 10, 2020. The round aligns with Tencent's investments in supply chain and fresh food logistics, amid competition in China's B2B produce distribution. Total funding across rounds reached approximately $289.61 million by late 2020.
Nov 2018Series AHillhouse Investment; Yonghui Superstores; HSG$137MYonghui Fresh Food is a B2B fresh produce platform established in 2011 in Shanxi province, China, providing one-stop fresh produce services through nine processing factories and regional warehouses to corporates and retailers. It operates as a subsidiary of Yonghui Superstores, China's leading supermarket group listed on the Shanghai Stock Exchange. In 2018, it received a Series A funding round of 950 million yuan (approximately $145 million) from Yonghui Superstores, Hillhouse Capital, Sequoia Capital China, and others. The 2018 investment supported the independent development of Yonghui Fresh Food after Yonghui Superstores integrated and spun out its fresh food business in late 2018, establishing a joint venture with Hillhouse and Sequoia with an initial 800 million yuan commitment. By a later 2020 strategic round raising 1 billion yuan led by Tencent and CICC Qizhi, with participation from Yonghui Superstores, Hillhouse, Sequoia, China Merchants Bank, Minsheng Equity, and Greenwoods, shareholdings were: Yonghui Superstores at 32.33%, Hillhouse at 26.80%, and Sequoia at 13.40%, with new investors at 0.40% each. Financial traction emerged post-2018: 2019 revenue reached 3.194 billion yuan with net profit of 370 million yuan; first nine months of 2020 showed 3.08 billion yuan revenue and 284 million yuan net profit. Yonghui Superstores, the parent, reported 34.39 billion yuan revenue in H1 2018 but this encompasses its broader supermarket operations. Parent Yonghui Superstores pursued new retail strategies, including Tencent investments and JVs like ParknShop Yonghui valued at 1.2 billion yuan, distinct from Yonghui Fresh Food.

Who has invested in Yonghui Fresh Food?

8 investors have backed Yonghui Fresh Food across its funding rounds, including HSG, Hillhouse Investment, Yonghui Superstores, Tencent, CICC and China Merchants Bank.

Lead investors include CICC and Tencent.


Yonghui Fresh Food Investors

Investors in Yonghui Fresh Food by funding rounds participated
InvestorHQRoundsRoleFirst check
Hillhouse InvestmentSingaporeSingapore2ParticipantNov 2018
Yonghui SuperstoresChinaFuzhou2ParticipantNov 2018
HSGHong KongHong Kong2ParticipantNov 2018
Minsheng SecuritiesChinaShanghai1ParticipantDec 2020
TencentChinaShenzhen1LeadDec 2020
CICCChinaBeijing1LeadDec 2020

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Yonghui Fresh Food Competitors

Yonghui Fresh Food competitors include listed companies like Copart and RB Global, and private ones like Faire, OfBusiness, Zetwerk and Inxeption.

Public and private companies comparable to Yonghui Fresh Food
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
CopartUnited StatesUnited StatesPublicly listed$4.6B$1.9B$27B4.9x
RB GlobalUnited StatesUnited StatesPublicly listed$4.6B$1.4B$16B4.1x
FaireUnited StatesSan Francisco, CAPrivate$500M-$5.2B10.4x
OfBusinessIndiaGurgaonPrivate$2.1B-$4B1.9x
ZetwerkIndiaBangalorePrivate$102M$20M$3.1B-
InxeptionUnited StatesUnited StatesPrivate$300M-$3B10.0x

Yonghui Fresh Food Public Comps

Yonghui Fresh Food is still privately-owned, but its public comps include Recruit Holdings, Uber, Booking Holdings, Airbnb, Prosus, DoorDash, Carvana, Meituan, Rocket Companies and Expedia.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Recruit Holdings$24B$4B6.4x6.0x37.9x25.2x
Uber$52B$6.2B3.0x2.8x24.9x14.6x
Booking Holdings$27B$8.3B4.9x4.6x15.9x12.4x
Airbnb$12B$2.4B7.2x6.5x36.3x18.2x
Prosus$9.7B$1.1B9.1x8.0x83.8x123.7x
DoorDash$14B$1.5B6.0x4.9x55.8x23.7x
Carvana$20B($110M)3.7x2.9x(691.4x)27.7x
Meituan$54B($2.2B)0.9x0.8x(21.4x)162.4x

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Common questions about Yonghui Fresh Food

When was Yonghui Fresh Food founded?Yonghui Fresh Food was founded in 2015.
Where is Yonghui Fresh Food headquartered?Yonghui Fresh Food is headquartered in Beijing, China.
Is Yonghui Fresh Food publicly listed?No, Yonghui Fresh Food is a private, VC-backed company.
How much funding has Yonghui Fresh Food raised?Yonghui Fresh Food has raised $290M across 2 funding rounds.
What was Yonghui Fresh Food's last funding round?Yonghui Fresh Food's last funding round was a $153M Series A in December 2020, led by CICC and Tencent.
Who are Yonghui Fresh Food's investors?Yonghui Fresh Food's investors include Hillhouse Investment, Yonghui Superstores, HSG, Minsheng Securities, Tencent, CICC, China Merchants Bank and Greenwoods Investment.
Which companies are comparable to Yonghui Fresh Food?Companies comparable to Yonghui Fresh Food include Copart, RB Global, Faire, OfBusiness, Zetwerk and Inxeption.

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