China VC Weekly: Groceries, Resale and Plant-Based Meat

In last week’s China VC news: online grocery platform Dingdong Maicai bags a new tranche in its Series D round, bringing total financing amassed in the round to $1 billion; California-based biopharma firm Kinnate starts a joint venture to expand in China; luxury resale platform GoShare2 rakes in “tens of millions of US dollars” in Series C financing; and plant-based ground pork brand Zrou owner raised $7.3 million in a Series A round of financing.

Online grocery seller Dingdong Maicai closes Series D+ round, total Series D financing at $1 billion

Chinese grocery app Dingdong Maicai on Wednesday announced the completion of its latest funding round, in which the company raised $330 million led by SoftBank’s Vision Fund.

With the latest financing, Dingdong Maicai has now raked in over $1 billion in its extended Series D round. In April, it received an injection of roughly $700 million from a group of investors co-led by global investment firms DST Global and Coatue.

Cygnus Equity, which previously took part in Dingdong Maicai’s Series D round, assumed the role of its adviser for the latest transaction.

Before the two tranches of the Series D round, the grocery app operator had held eight earlier rounds of financing, raising funds from investors, including Sequoia Capital China, Qiming Venture Capital, BAI, General Atlantic, Gaorong Capital and Capital Today.

Dingdong Maicai plans to use the proceeds from its latest funding round to continue developing its supply chain.

The company has previously said it was considering an initial public offering in the US as early as this year, in order to bankroll its expansion in the competitive fresh food delivery market.

About Dingdong Maicai

Operated by Shanghai Yibaimi Network Technology, Dingdong Maicai delivers fresh produce to users in 29 Chinese cities, including Beijing, Shanghai, Shenzhen and Guangzhou.

SEE ALSO: Chinese Online Grocer Dingdong Maicai Raises $330 Million in Latest Funding Round

California’s Kinnate Biopharma starts JV to tap into Chinese market

California-based Kinnate Biopharma on Friday announced the closing of a $35 million Series A financing round that it plans to use to establish a joint venture in China. The company will develop and commercialize its treatments against genomically-defined cancers across China, Hong Kong, Taiwan, and Macau.

“Establishing operations in China creates a tremendous opportunity for Kinnate to build its global footprint and further advance our mission of expanding access to innovative targeted therapies for people battling cancer,” said Kinnate CEO Nima Farzan in a statement.

Kinnate accelerated its fundraising efforts last year, and in August raised $98 million to support moving its two leading RAF inhibitor products, KIN-2787 and KIN-3248, into clinical trials this year.

About Kinnate Biopharma’s JV

California-headquartered Kinnate established the JV with OrbiMed Asia Partners, OrbiMed Private Investments and Foresite Capital. The unnamed JV will be located in Shanghai.

Luxury reseller GoShare2 raises undisclosed amount in Series C round

Chinese luxury resale platform, GoShare2, has raised “tens of millions of US dollars” in Series C financing, led by Enlight Growth Partners, according to Chinese tech and financial media outlet, 36Kr. The exact amount of financing was not disclosed.

According to founder, Zhutai Niqi, the platform has a stable group of buyers and sellers, with 70% of goods coming from existing sellers and 80% of GMV contributed by consumers who have shopped on the platform previously.

About GoShare2

The Shanghai-based company was founded in 2016 and initially focused on reselling ready-to-wear items via a procurement model, but soon expanded into other categories including bags, jewelry, watches and shoes, shifting to the consignment model it retains today.

Plant-based meat brand Zrou owner YouKuai bags $7.2 million in Series A round

Chinese startup YouKuai, creator of a plant-based ground pork product called Zrou, announced that it raised $7.3 million in a Series A round of financing led by TRIREC, a Singapore-based investment firm that focuses on supporting decarbonization-related technologies and businesses. It is known that TRIREC was an early investor in Hungry Planet, a US plant-based meat company.

Other investors that participated in YouKuai’s latest funding round include Thibault Villet, co-founder and former CEO of, an Alibaba-backed luxury flash-sale site, as well as several ultra-high net worth individuals from China and Asia.

This latest financing round brings YouKuai’s total funding amount to $8.8 million to date.

The company plans to use the new funds for expansion in China and overseas, partnerships with hotel chains, and the rollout of its ready-to-eat plant-based meat products, which will be created with top chefs and introduced as their signature products.

YouKuai is looking to enter international markets next year. The company is already in talks with distributors in London, Malaysia, Hong Kong, Macau, Singapore, New York, Los Angeles and Milan for the launch of its products.

About YouKuai

Founded in 2019, YouKuai aims to create a holistic plant-based food and beverage ecosystem in China and reshape the global plant-based cuisine landscape, starting with Chinese consumers both locally and regionally.