Gfresh Secures US$20 Million From Riverhill Fund And Legend Capital To Import Seafood In China

After Australian dairy and Maine Lobsters, China’s appetite for foreign food will likely take a turn to seafood as Chinese investors, Alibaba’s investment arm – Riverhill Fund and PC maker Lenovo Group’s investment arm – Legend Capital has placed US$20 million funds into Gfresh, an online seafood e-commerce website for trading and selling seafood to buyers in China.

The company founded in 2014, offers logistics and final delivery services for seafood from providers in Australia, New Zealand, North America, Europe and Southeast Asia. To date, the distribution of Gfresh’s online marketplace can reach Beijing, Shanghai, Guangzhou and Chongqing.

The announcement was made today at the China Fisheries and Seafood Expo in Qingdao, China at a special conference which is limited to industry players and trade media. Additionally, it is also revealed that Alibaba’s Simon Xie, one of the most important co-founders of the Chinese e-commerce company will become a director at Gfresh.

With this funds, Gfresh can further pursue their goal to expand their market and become the leader in the online business-to-business marketplace for global seafood. The company plans to embark on a cooperative relationship with You Shi Guan Jia, an online-to-offline distribution business that was similarly invested by Legend Capital.

Besides, the seafood e-commerce platform has also plan to use the funds to pursue product initiatives for its online seafood marketplace, expand them to new markets and upgrade its logistics supply chain service. In its recent advocate, Gfresh has recently committed to an agreement with Tmall and He Ma fresh produce, to improve supply channels.

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By Vivian Foo, Unicorn Media

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