Keep abreast of the latest news
Oct 14, 2018
Founded by a rocket scientist, Liu Chuanjun, in 2014, Meicai (website in Chinese only) that connects farmers with restaurants to help them sell vegetables and agriculture produce through its app has raised at least $600 million in its latest funding round, reported Bloomberg citing people familiar with the matter. The round was led by one of the leading global names in VC Tiger Global Management and China-based Hillhouse Capital.
According to one of Bloomberg’s sources, the company has raised $800 million at a valuation of $7 billion.As crazy as it may sound, Meicai, a Chinese startup that helps farmers sell vegetables could be worth $7 billionClick To Tweet
The startup that cuts out the middlemen by allowing customers including businesses and restaurants order directly from the farms using its mobile app has surpassed $1.4 billion (10 billion yuan) in revenues, offering its services to about 100 cities in China.
Recently a similar Cairo-based startup FreshSource has raised seed funding to make it easier for farmers to sell their produce.
INVESTMENTS Kuwait’s Snapbook raises $1.5 million in seed funding
Dubai-based ‘Training Calendar’ raises $1 million seed for its skill development marketplace
Ynmo, a SaaS platform for special education and health service providers wins Seedstars Saudi
Bahrain’s Skiplino raises Series A for its cloud-based queue management system
Bahrain’s ‘Rain’ aims to become the first regulated cryptocurrency exchange of MENA
Why B2B Food Startups Fail and How You Can Avoid It
Kuwait 'happy' to encourage more Chinese businesses, says Emir
Kuwait's GDP forecast to grow in 2018
Indian firm wins $265m deal to build Kuwait oil pipeline
Turkish builder signs deal for $153m residential project in Kuwait