The Shanghai-based firm has also signed Adisseo, Temasek, and UAE government-linked investor ADQ as LPs for its new China-focused fund.
It aims to “get cell-cultured meat onto the tables of Chinese consumers, providing them with healthier, safer, and lower-carbon meat products,” according to co-founder Ding Shijie.
The e-commerce company said it’ll re-invest its profits into a new ‘non-commercial’ initiative aimed at promoting agtech, digitalization, and rural development in China.
Having overtaken e-commerce behemoth Alibaba on the active buyers front, Pinduoduo’s looking upstream at alt-protein and logistics tech, its sustainability head tells AFN.
It could file its prospectus – seeking to raise a reported $10 billion at a $60 billion valuation – as soon as next week.
Dingdong Maicai has slashed its IPO pricing by 74% following its Chinese e-grocery rival’s rough debut last Friday.
Competitors Missfresh and Dingdong filed for New York IPOs earlier this month.
Both companies source fresh produce from farmers and agribusinesses and deliver it to consumers, who can order groceries through a mobile app.
He also said that the agribusiness giant doesn’t expect China’s domestic livestock feed industry to become self-sufficient anytime soon.
Dingdong Maicai said it will use the funding for regional expansion, enhancement of its fresh produce supply chain capabilities, and to hire more personnel.
The new law targets diners and restaurants that leave food uneaten, as well as ‘chibo’ binge-eating challenges livestreamed on social media.
The Suzhou-based startup is targeting the 34% of China’s farmland which is in mountainous areas, much of which is dedicated to fruit, nut, and tea cultivation.
Oatly expects to raise at least $100 million through its NASDAQ float, but may seek a further listing in Hong Kong depending on geopolitical and business considerations.
AgFunder’s China 2021 AgriFood Investment Report reveals that funding for the sector rose 66% last year to reach $6 billion in total.
The company said the facility in Jiaxing will “significantly increase” the speed, scale, and sustainability of distributing its products across the region.
The app allows shoppers to form groups to collectively buy farm produce and other groceries in bulk at competitive prices.
In spite of the Covid-19 bump for consumer-facing solutions, downstream agrifoodtech funding actually decreased in 2020 if a few China oversize deals are discounted.
Pinduoduo served 788 million annual active buyers in 2020 – the first time it has overtaken Alibaba in user numbers.
This latest injection follows a $182 million round late last year which was co-led by Baidu Ventures and SoftBank Vision Fund II.
The Hangzhou-based company behind the world’s biggest mobile payments app will also consider investing in carbon offsets in areas such as forest management.
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