China AgriFood Startup - PeakBridge...China’s homegrown agrifood startups focus on advancing new food experiences and business model innovation; few are centered on technological

I N V E S T I N G R E P O R T

Y E A R I N R E V I E W

I N V E S T I N G R E P O R T

China AgriFood Startup

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AGRIFOOD CHINA FUNDING REPORT | AGFUNDER.COM 3

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Bits x Bites is China’s first food tech accelerator and VC fund that invests in startups tackling global food system challenges. It invests across the food supply chain, from agriculture, production, distribution, and retail to consumer education.


China Macro Trends 101

INTRODUCTION

Premiumization Drives Consumer DemandFollowing its transformative GDP growth since the 1990s, the

Chinese economy is now largely driven by a booming middle

class willing to pay more to improve their quality of life, whether

it’s with digital devices, cars or high-end dining experiences.

This quality-seeking population will reach 550 million by 2022, a

huge jump from only about 18 million in 20001. Most evident

among the millennials, this group craves product varieties and

brands that speak to their social identities. We call this the

“consumption upgrade” trend.

Digital Economy Growing at Lightning Speed

In 2013, China surpassed the United States to become the

world’s largest e-commerce market. Today China accounts for

more than 40% of the total value of global e-commerce

transactions. The total value of its mobile payments ($11.8

trillion in 2017) was 11 times the size that of the United States.

Venture Capital Industry Catching up to US

On the startup side, China is now the second largest venture

capital market after the US by aggregate deal value and by the

number of unicorns. Venture capital investment in China

reached over $40 billion in 2017, up 15% from $35 billion in

20162.

Systemic Challenges

With 1.4 billion people, China has 20% of the world’s

population but only 7% of its arable land. Since its infamous milk

melamine crisis in 2008, food safety remains a growing concern.

Dietary diseases have grown hand-in-hand with economic

growth and urbanization. Excessive salt, oil, and fat in new diets

have made it the largest obese population in the world3.

All of these issues present tremendous opportunity for

disruptive innovation.

*Middle class is defined as household income $9,000 - $34,000 per year..

1McKinsey&Company “Mapping China’s Middle Class”2KPMG “China VC investment hits new heights with USD40 billion in 2017, finds KPMG analysis”3The Guardian “Obesity: the big, fat problem with Chinese cities”


INTRODUCTION

2017 in Review

Different from the United States and Europe, the majority of

China’s homegrown agrifood startups focus on advancing

new food experiences and business model innovation; few

are centered on technological innovation, yet.

Downstream startups focused on consumer-facing

businesses dominate the space accounting for 84% of deal

activity and 94% of total investment. Some international food

tech companies seized the open field upstream to import

their on-farm innovations to China.

Consumer willingness to pay more for high-quality and

premium products is a key theme in China’s agrifood industry

as well as a major driver for the overall economy. For this

reason, we created the Premium Branded Food and

Restaurants category, even if the startups lack a technological

element. This category of startups, which represents the

largest number of deals in 2017 (60), seeks to reform the

food landscape by introducing a wave of food and beverage

concepts that were foreign to China until only recently.

At some point this will start to reach back into the supply

chain creating a need for traceability and transparency

technologies all the way to the farm.

Big companies such as Alibaba and JD.com are advancing

convenience to a new level through unmanned stores,

vending machines, eGrocery and smart kitchen appliances

alongside startups.

The majority of investments were made at the early stages –

seed to Series B deals represented 86% of the 177 startup

funding rounds. This early stage investment was funded by

specialized food tech funds like Bits x Bites, diversified

investors such as ZhenFund and Chinaccelerator, and other

single-deal investors.

China’s technology giants—Baidu, Alibaba and Tencent

(subsequently referred to as BAT)—were key investors in the

space in 2017, spending nearly $1 billion on early-to late-

stage startups that fit their corporate strategies. They are also

providing exits for the industry, notably in the food delivery

space where three jumbo M&A deals closed worth $5.8

billion in total (see page 12).

While China is behind the US in agrifood innovation, arguably

in distribution it is way ahead. These technology-driven

network effects make the country’s food industry ripe for

disruption, which often occurs when you have a new, faster, and

cheaper distribution channel.

We hope you enjoy this inaugural China AgriFood Startup

Investing Report!

AgFunder & Bits x Bites


AgriFood Startup Category Definitions

Farm Robotics, Mechanization & Equipment

On-farm machinery, automation, drone manufacturers, grow equipment

Novel Farming Systems

Indoor farms, aquaculture, insect, & algae production

In-Store Retail & Restaurant Tech

Shelf-stacking robots, robotic cafes, POS systems, food waste monitoring IoT

Home & Cooking Tech

Smart kitchen appliances, nutrition technologies, food testing devices

Supply Chain Technologies

Food safety & traceability tech, logistics & transport, processing tech

Bioenergy & Biomaterials

Non-food extraction & processing, feedstock technology, cannabis pharmaceuticals

Restaurant Marketplaces

Online tech platforms delivering food from a wide range of vendors

Farm Management Software, Sensing & IoT

Ag data capturing devices, decision support software, big data analytics

Ag Biotechnology

On-farm inputs for crop & animal ag including genetics, microbiome, breeding, animal health

eGrocery

Online stores and marketplaces for sale & delivery of food & ag products to consumer

Agribusiness Marketplaces

Online Restaurants and Meal Kits

Startups offering culinary meals and sending pre-portioned ingredients to cook at home

Innovative Food

Cultured meat, novel ingredients, plant-based proteins

Commodities trading platforms, online input procurement, equipment leasing Miscellaneous

Upstream

Downstream

Upstream+Downstream

Premium Branded Foods & Restaurants

Premium food experiences inc better product design, formulation, packaging, & thematic restaurants

WHAT IS AGRIFOOD?


Sources & Methodology

SOURCES

Data Sources & Curation

The raw data for the China AgriFood Funding Report comes

from multiple public channels including 36kr, itjuzi.com,

Zero2IPO Group, AgFunder, and crowdsourcing directly

from the industry. Only startups falling into our defined

categories are included in the database. International

startups receiving Chinese investments are also included.

The raw data is then heavily curated to ensure that it is

relevant, accurate, up-to-date, and categorized according to

AgFunder’s proprietary tagging system for inclusion in the

report.

Although some deals are not disclosed which might affect

some results, we believe our database reflects the overall

situation of agrifood startups in China.

While we are happy to share our findings, AgFunder and our

China report partners Bits x Bites reserve all rights with

respect all material contained in this report, and require it to

be fully and accurately cited when reproduced.

Undisclosed Financings

Of the 177 financings in our curated data set, 19 had

undisclosed financings, which could not be determined

through research or direct sources. We included undisclosed

financings when computing aggregate figures. The final

result might be affected by the undisclosed financings.

Multiple Financings

In some cases, multiple financings were for the same

company in the same year. In the case of distinct funding

rounds (Seed, A, B,…) or asset classes (debt v. equity), we

counted these as separate rounds.

NEEQ listed startups

Some startups are listed on National Equities Exchange

and Quotations (NEEQ), China’s national securities trading

market for SME and startups. Companies listed on NEEQ

are excluded unless they have innovative business models.

BAT involvements

Baidu, Alibaba, and Tencent (BAT) refers to financings with

direct investments from these companies and indirect

investments through venture capital arms or subsidiaries

controlled by BAT.


Sources & Methodology

SOURCES

Categorization

AgFunder’s categorization system is designed to capture

broad themes in the agrifood technology landscape (see

page 6 for a list of categories). As the categories progress

through the value chain from farm inputs to the consumer,

the mapping becomes complex. The agrifood sector has a

wide supply chain spanning industrials, farming, logistics,

wholesale distribution, processing, retail distribution, and the

consumer. In many cases, technologies such as marketplaces

connect different links in the supply chain and so in this

report we’ve chosen to focus on high-level themes.

AgFunder and Bits x Bites manually reviews each company,

often with significant research and debate.

Given the importance of consumption upgrade as a driver in

China’s startup ecosystem, AgFunder and Bits x Bites

implemented a new category “Premium Branded Foods &

Restaurants” to reflect this influential trend in agrifood China.

Timelines

In most cases, the details of a funding are recorded within a

few days of its first public announcement. However, there are

times when these details are only shared months or even

years after the deal has officially closed.


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Co-invest with AgFunder and other leading venture capitalists in the next generation of agrifood technology startups

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Year End Overview 2017

China AgriFood Startup Funding Breakdown 2017

UpstreamAg Biotech, Farm Management SW, Farm Robotics &

Equipment, Bioenergy & Biomaterials, Novel Farming, Agribusiness Marketplaces, Midstream, Innovative Food

DownstreamIn-store Restaurant & Retail, Online Restaurants, eGrocery,

Restaurant Marketplaces, Home & Cooking

*BAT refers to China’s three largest internet companies Alibaba, Tencent and Baidu


Notable Acquisitions

YEAR IN REVIEW

After more than five years of explosive growth, China’s online food delivery market saw long-awaited consolidation in 2017

with Alibaba and Tencent backing three jumbo M&A deals this year.

Alibaba led an investment round of $1 billion in Ele.me,

the second largest food delivery player that later in the

same year acquired its trailing rival, Baidu WaiMai. This

deal took Baidu out of the battle and drove Tencent to

lead a $4 billion additional investment in Meituan-

Dianping, the only competitor of Ele.me. Alibaba and

Tencent together now own around 90% all online food

delivery transactions in China.

Collectively, these three deals illuminate the strategic

priorities of China’s biggest Internet companies: data,

traffic, and logistics. Each with more than 100,000

couriers, Ele.me and Meituan-Dianping complement

Alibaba’s and Tencent’s current logistic services by

providing last-mile delivery. The two super platforms each

counts hundreds of millions of users, with peak online

daily orders reaching 27 million. The massive amount of

data offers great opportunities to improve efficiency and

open doors for future products.

June 2017 Oct. 2017

August 2017

Baidu

$1bn $4bn

$800m


YEAR IN REVIEW

Key Insights for 20171. Downstream Deals Dominate

• Investment levels in agrifood startups operating downstream –

closer to the consumer – represented 94% of the total $1.8

billion of funding during the year, with upstream startups

raising just 6% of investment dollars. Globally the split was

more balanced at 58:42 downstream to upstream.

• Widespread last-mile delivery services turned eGrocery into

one of the most energetic sectors in 2017. Some eGrocers are

focusing on niche markets, such as desert and children’s

foods, while others are using AR/VR to enhance the shopping

experience.

• New Premium Foods and Restaurants came to the market,

including upgraded Chinese food products as well as

imported concepts from the west, such as artisanal coffee and

craft beer.

• Scattered farmland and complicated supply chains make it

difficult for upstream startups to gain momentum in China.

Less educated farmers are also slow to adopt technology.

• Jiuye Coldchain found rare success as an upstream company.

By quickly expanding alongside growing demand for fresh

produce delivery, it secured $30 million in Series B funding.

2. Consumption Upgrade a Driving Force

• China’s exploding middle class and its spending on premium

food experiences remain attractive to startups.

• From ready-to-drink to ready-to-eat to craft beer to artisanal

coffee, consumers are willing to pay premium for better

ingredients, cleaner labels, more traceability, and new food

experiences.

• Brands that breathe new life into traditional foods drew

consumer and investor interest alike, such as pear juice brand

Yizhibi, which received $140 million investment.

• Investors made large and small bets on brands that best

speak to Chinese consumers. Funding sizes in Premium

Branded Foods and Restaurants varied from $1 million to

$140 million.

• Chain store Hot&Hot and restaurant chain The Tough Little

Lobster, both selling cooked crayfish – one of China’s most

popular dishes, raised $ 21.2 million and $ 17.5 million

respectively. While hot dishes were hot, cold dish also saw

love in the market with Max & Salad Series A.


YEAR IN REVIEW

3. Convenience Rises to New Heights

• Ubiquitous online retail, mobile payment, and last-mile

delivery create a fertile environment for companies to push

convenience to a new level. To save time and effort, Chinese

consumers give away massive amounts of data.

• “New retail” is a concept pioneered by Alibaba to describe

the integration of e-commerce, brick-and-mortar stores, and

logistics. Its Hema supermarket blends e-commerce,

supermarket, and in-store restaurant. Pushing beyond the

Whole Foods model, it incorporates cashless payments, 30-

minute door-to-door delivery for customers living within 3km,

and waived listing fees for vendors.

4. Investors Eye Futuristic Shopping

• Alibaba’s leadership in technology-enabled “new retail”

offered the signal needed for a wave of startups and investors

to jump into the unmanned store and vending machine space.

For China’s impatient consumers, these fast-growing 24-7 self-

service shopping options added one more level of

convenience to the already ubiquitous restaurant and grocery

delivery.

• Forty deals closed in the unmanned store and vending

machine sector in 2017 raising $514 million, representing

29% of total investment. Active investors were BAT,

international funds such as IDG and Matrix Group, domestic

VCs such as Yunfeng Capital, industrial funds like Legend

Capital, and single deal investors.

• Fundraising speed was impressive. Xingbianli, an unmanned

snack and beverage store chain, secured $57 million Series A

in only five months after its establishment. Two days after

unmanned store F5 announced its $6.4 million Series A

capital injection, a similar unmanned store Bingo Box raised

$15.1 million funding.

• Investor enthusiasm in automated shopping is reminiscent of

China’s online food delivery sector a few years ago. However,

inefficient supply chain management, high operating costs

and fierce competition meant 90% of unmanned stores and

vending machine startups failed, many going bankrupt

toward the end of the year. Players backed by BAT showed

higher survival rates with more robust capital and technology

support.

Key Insights for 2017 (Continued)


Key Insights for 2017 (Continued)YEAR IN REVIEW

5. BAT* Create Potential Exits

• BAT-supported companies made up for only 8% of non-

M&A deal activity but contributed $741 million, about

42% to the total funds raised. They covered eGrocery,

unmanned stores, and vending machines—all of which

were valuable for consumer traffic and data.

• BAT became a major exit channel for startups. BAT-

backed companies accounted for 96% of total M&A

investment volume in 2017. Their support has proven

crucial for unicorns such as Ele.me, which leveraged

their capital, resources, and extended network.

• BAT often competes in the same categories. For

example, in eGrocery, Alibaba chose Yiguo while

Tencent bet on Missfresh.

• Three BAT acquisitions of Restaurant Marketplace

startups – ele.me, Meituan & Dianping, and Waimai

Baidu totaled $5.8 billion.

• Exits are a key piece of a vibrant ecosystem; US

agrifood corporates have been slow to acquire tech

startups by comparison – in 2017, agrifood tech

startup acquisitions weren’t anywhere near $5.8

billion. It wouldn’t be surprising if China’s tech giants

started looking at the US agrifood industry for more

acquisitions.

*BAT refers to China’s three largest internet companies Baidu, Alibaba and Tencent


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Deals by Category


Key Insights - Category

DEALS BY CATEGORY

1. 2017 was a good year for fresh produce eGrocers,

thanks to widespread last-mile delivery and momentum in

online-offline retail. Yiguo, the earliest fresh food e-

commerce backed by Alibaba, completed a $300 million

Series D. Missfresh, funded by Tencent, secured $330

million in Series C .

2. In-Store Retail & Restaurant Tech was the new darling of

investors. More than half of the 55 deals in this category

were unmanned stores and vending machines. A large

number of investors, domestic and international, large and

small, BAT and non-BAT were all chasing this category.

RFID, mobile payment and big data were widely used

technologies.

3. Many startups flooded into Premium Branded Foods

and Restaurants thanks to the huge consumer market and

low barriers to entry. The average deal size was small at $1

million.

4. Premiumization expanded from the imported foreign

concepts of artisanal coffee and beer to the traditional tea

beverage. Among eight new tea startups that have pushed

tea to luxury status, Naixuecha raised $15.2 million in

Series A at a valuation of $0.9 billion, almost taking it to

unicorn status.

5. Agribusiness Marketplaces. After B2B online producer

retailer Meicai became a unicorn in 2016, a number of

national and regional online agri-products wholesalers

emerged and subsequently received funding by major

investors such as Chinese online retailer JD and Japanese

conglomerate MITSUI.

6. Startup investment is relatively slow in several categories

including Home and Cooking, Farm Management Software,

Sensing & IoT, and Novel Farming System, and Midstream

Technologies.

7. Apart from venture capitalists, incubators and

accelerators are supporting agrifood startups. China had

7533 incubators and accelerators by the end of 20161,

providing co-working space, resource connecting,

mentorship and small funding. Big food and beverage

companies, international and domestic, are giving money

to startups through venture arms or direct M&A.

1Xinhua News Agency


45.8%

31.9%

15.9%

2.5%

1.7%0.9%

0.8%

0.5%

eGrocery

In-Store Retail & Restaurant Tech

Premium Branded Foods &

Restaurants

Agribusiness Marketplaces

Midstream Technologies

Farm Mgmt SW, Sensing & IoT

Ag Biotechnology

Others

DEALS BY CATEGORY

2017 China AgriFood Startup Investment


Most Active Categories

DEALS BY CATEGORY

104• Deal activity was heavily concentrated in

three downstream categories: eGrocery,

In-Store Retail & Restaurant Tech, and

Premium Branded Foods & Restaurants.

• eGrocery was a tale of two faces: New

niche players such as Mengzhu only

focusing on children’s food entering the

market on one side, and more established

players raising large rounds with MissFresh

at Series C and Yiguo at Series D raising a

combined $630 million raised.

• In the active In-Store Retail & Restaurant

Tech space, unmanned Stores and

vending machines were the major driving

force.

• Premium Branded Foods & Restaurants

had the largest number of deals but the

valuation per deal was small. $16.7

$30.6

$43.9

$283.1

$564.8

$814.1

Farm Mgmt SW,

Sensing & IoT

Midstream

Technologies

Agribusiness

Marketplaces

Premium Branded

Foods & Restaurants

In-Store Retail &

Restaurant Tech

eGrocery 26

Financing | $Millions

Upstream Financing

Downstream Financing

# Deals

55

60

12

6

3


Top 10 eGrocery Deals

DEALS BY CATEGORY

• Most top deals in this category

focused on fresh produce.

• Yiguo, founded in 2005, reached

Series D with Alibaba support.

MissFresh, started in 2014, quickly

caught up and completed $330

million in Series C.

• Startups targeting niche products

took a share: Netease Weiyang

selling premium pork and Bliss Mall

only selling cakes.

$3.0

$3.0

$14.5

$15.0

$15.6

$24.2

$30.3

$30.3

$43.9

$300.0

$330.0

Saohuo

Lady Penguin

Bliss Mall

Day Day Cook

Urfresh

Netease Weiyang

Fresh Mart

Fresh Legend

Fresh Market

Yiguo

Missfresh

$M financing


Top 10 In-Store Retail & Restaurant Tech Deals

DEALS BY CATEGORY

• Top deals were dominated by

unmanned stores or vending

machines, with the only exception

being Dajialai, a restaurant

management software.

• Vingoojuice, an automated orange

juice vending machine, raised $60.6

million in investment and quickly

expanded into more than 170 cities

by the end of 2017. Four million

cups were reportedly sold per

month.

• eGrocer MissFresh joined the

unmanned store wave. Bianligou,

the vending machine selling snacks

and beverage under MissFresh

combined Series A and Series B

funding rounds together raising

$200 million.

$15.1

$15.2

$18.2

$30.3

$30.3

$53.0

$57.6

$60.6

$80.3

$144.0

Bingo Box

Dajialai

Imxiaomai

xedaojia

ABLife

MissFresh Bianligou

Xingbianli

Vingoojuice

Ubox

MissFresh Bianligou

$M financing


Top 10 Premium Branded Foods & Restaurants Deals

DEALS BY CATEGORY

• Increasingly health-conscious

consumers paved the way for

popular brands like Yizhibi, a pear

juice company that successfully

raised $140 million. Easy Stew raised

$4.5 million to sell edible bird's nest,

a Chinese delicacy and health food

tradition.

• Keeping with the consumption

upgrade theme, investors helped

bring iconic foods like crayfish from

street vendors to premium

restaurants, including The Tough

Little Lobster and Hot & Hot.

• The popular artisanal coffee

experience now inspired a revamp

of the traditional tea experience,

with brands like Naixuecha bringing

modern design, western dessert,

and tea into one package that

Chinese consumers could relate to. $4.5

$4.5

$6.8

$15.2

$15.2

$17.5

$18.0

$21.2

$22.0

$140.0

Let's Soup Party

Easy Stew

Seesaw Coffee

Naixuecha

Greybox Coffee

The Tough Little Lobster

Panda Beer

Hot & Hot

Spice Spirit

Yizhibi Laiyang Pear Juice

$M financing

Deals by Stage


Deal Volume and Activity by Stage

YEAR IN REVIEW

$117

$480$408

$330

$424

77 76

17

3 4

0

10

20

30

40

50

60

70

80

90

$0.0

$100.0

$200.0

$300.0

$400.0

$500.0

$600.0

Seed A B C D

Number of Deals



10 Notable Deals at Seed Stage

YEAR IN REVIEW

$1.8

$1.8

$2.3

$3.0

$3.0

$3.0

$4.5

$4.5

$4.5

$6.8

Jicanchu

Sonetto

Summba

Saohuo

Superbento

ITR

Jian 24

Huasong Seeds

Easy Stew

Xiaomaigui• Vending machine startup Xiaomaigui

raised the largest Seed Stage round,

receiving $6.8 million investment from

large electrical appliance manufacturer

Midea Group.

• Easy Stew, which makes edible bird's nest,

a Chinese delicacy; potato seedling

company Huasong Seeds; and unmanned

store Jian 24 each raised $4.5 million.

• ITR, an AR kitchen tech startup raised $3

million while Kitchen voice recognition

startup Summba raised $2.3 million.

• eGrocer of imported food brands Saohuo

and eGrocer for kitchenware Jicanchu

raised $3 million and $1.8 million

respectively.


Upstream Financing



10 Notable Deals in Series A

YEAR IN REVIEW

$15.2

$15.2

$15.2

$18.0

$18.2

$24.2

$30.3

$30.3

$53.0

$57.6

$140.0

Naixuecha

Greybox coffee

Dajialai

Panda Beer

Imxiaomai

Netease Weiyang

Fresh Mart

Fresh Legend

MissFresh Bianligou

Xingbianli

Yizhibi Laiyang Pear Juice• Yizhibi, which has reinvigorated the

traditional pear juice beverage, raised $140

million, the largest funding at Series A.

• Xingbianli, an unmanned store selling

snacks, cooked food and beverages,

received $57.6 million. eGrocery Missfresh

responded with its own vending machine for

snacks and beverage raising $53 million in

Series A.

• Fresh Legend and Fresh Mart, both selling

fresh produce, as well as Netease, an online

pork provider, each completed over $20

million in investment despite different

product and geographic focus.

• Craft beer brand Panda Brew, premium tea

store Naixuecha and artisanal coffee brand

Greybox coffee all had successful Series A of

over $15 million.

• Dajialai, a restaurant software startup,

received $15.2 million.


Upstream Financing


Investor Activity


3

3

3

3

3

3

3

3

4

5

5

7

8

8

11

JD

Sinovation Ventures

Yunqi Partners

Legend Capital

GGV

Haier

Baidu

Chinaccelerator

Alibaba

IDG

Tiantu Capital

Matrix

Tencent

Bits x Bites

Zhenfund

Most Active Venture Funds

DEALS BY CATEGORY

• The most prolific was ZhenFund,

China’s largest seed fund set up by two

founders of China’s educational group

New Oriental School, with 11 agrifood

investments, mostly in In-Store Retail &

Restaurant Tech.

• Bits x Bites was the only food tech-

focused fund in China backing eight

projects covering indoor farming,

blockchain for food supply chain,

insect protein, and other food tech

sectors.

• Big VCs with diversified portfolios such

as Matrix Partners China, IDG and

Tiantu Capital were active in mid-to-

later stages. In 2017, they chose

startups in In-Store Retail & Restaurant

Tech, Premium Branded Foods and

Restaurants, and eGrocery.

Number of Deals

Projects invested by BAT’s controlled subsidiaries or venture arms are counted as BAT’s projects


BAT Involved Investments

BAT INVOLVEMENTS

BAT Company Name Category Round Size ($ million) Funding Type/Round

Jijia Catering In Store Retail & Restaurant Tech 1.5 Seed

QuiXmart In Store Retail & Restaurant Tech Undisclosed Seed

Day Day Cook eGrocery 15 B

Yiguo eGrocery 300 D

Waimai Baidu Restaurant Marketplace 800 M&A

Ele.me Restaurant Marketplace 1,000 M&A

Saohuo eGrocery 3.0 Seed

Kangpinhui eGrocery Undisclosed A

Netease Weiyang eGrocery 24.2 A

Bliss Mall eGrocery 14.5 A

Yashilian Agribusiness Marketplace Undisclosed A

Xiangcheng Hudong In Store Retail & Restaurant Tech Undisclosed A

MissFresh eGrocery 330 C

MissFresh Bianligrou In Store Retail & Restaurant Tech 53 A

Meituan & Dianping Restaurant Marketplace 4,000 M&A

Super Species eGrocery Undisclosed M&A

Yi Tunnel In Store Retail & Restaurant Tech Undisclosed Seed

Ganlai In Store Retail & Restaurant Tech Undisclosed B

Meiweibuyongdeng In Store Retail & Restaurant Tech Undisclosed C

* BAT investments include projects indirectly invested by their subsidiaries or venture capital arms.

M & A


Strategic Investment and Mergers & AcquisitionsAGRIFOOD EXITS

Company Name Targets Business Round Size ($ million) Acquirers or Investors

Zhongnongwang Agribusiness Marketplace 46.5 Zall Group

Daojia eGrocery 61.7 Yum! China

Guoxiaomei & Tomato Convenience Store

In Store Retail & Restaurant Tech 160 IDG, FreesVC, Bluerun VC

Waimai Baidu Restaurant Marketplace 800 Ele. me

Ele.me Restaurant Marketplace 1000 Alibaba

Meituan & Dianping Restaurant Marketplace 4000

Tencent, Sequoia, Tiger, GIC Singapore, CPPIC, United Arab Emirates-China Joint Investment Fund, Trustbridge Partners,Coatue Management, FountainVestPartners

Super Species eGrocery Undisclosed Tencent

ACSM Farm Management Software,Sensing & IoT

Undisclosed Qualcomm Ventures

51snackbar In Store Retail & Restaurant Tech Undisclosed Xingbianli


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Documents

China AgriFood Startup - PeakBridge...China’s homegrown agrifood startups focus on advancing new food experiences and business model innovation; few are centered on technological