(Yicai Global) March 14 -- Imported fresh food brand HiTomorrow will use CNY100 million (USD15.8 million) in new funding to develop its supply chain and distribution, as well to promote the brand.
Hangzhou-based HiTomorrow's A- and A+ rounds of financing were led by Shenzhen Guozhong Venture Capital Management and Zero2IPO Venture, while Bofu Fund under China South Publishing & Media Group made additional investments.
HiTomorrow, which operates on major e-commerce platforms JD.Com Inc. and NetEase Inc.'s Kaola, sells semi-finished foods and imported meat, targeting young families.
Since its inception four years ago, HiTomorrow has set up a well-established supply chain covering the purchase of imported raw materials, and product development and processing, opened online and offline stores, and served over three million families in China. Most of its revenue is generated by online stores with revenue of CNY40 million per month. Its offline store generates revenue of CNY4 million a month.
The firm stresses that it imports beef from Australia, pork from Spain and mutton from New Zealand while cooperating with local pastures and abattoirs to ensure high taste and quality. HiTomorrow is one of five brands that have signed up for Amazon's fresh food store and also cooperates with fresh food supermarkets such as Hema, Yonghui and Ito Yokado.