China’s largest fresh fruit e-commerce site, Fruitday.com, has completed a new round of financing led by local private equity firm ClearVue Partners, alongside venture capital firm SIG Asia Investments.
“We met many private equity firms and ClearVue was different. They were strategic, professional and had a deep understanding of our business and the consumer market in China — we are thrilled to receive investment from ClearVue Partners,” said Wang Wei, founder and CEO of Fruitday.com. “We believe that there is strong and increasing consumer demand in China for the freshest, high-quality fruits from around the world.”
In China, total consumption of fresh fruit in the urban markets is estimated to have been over RMB400bn in 2013, with an annual growth rate of about 15 per cent. Driven by an increasing customer demand for high quality and healthy fruits, the imported fruit sector is growing even faster with an annual growth rate of over 40 per cent especially in mega-cities like Shanghai and Beijing.
“We believe that online shopping for fresh fruit in China is a new and fast-growing consumer trend,” said Harry Hui, managing partner of ClearVue Partners. “With access to the highest quality domestic and imported fruits from around the world, Fruitday.com has changed the way Chinese consumers buy fresh fruit, changed the operating model of the domestic China fruit and fresh food sector, and has helped to improve industry standards overall.”
ClearVue Partners is a private equity firm focused on investments in the consumer sector in the Greater China region, primarily in the food and beverage, consumer lifestyle, and consumer internet/mobile sub-sectors.
Founded in 2006, SIG Asia Investments, has invested in more than 80 Chinese companies with a total investment of $800m, involving industries including: mobile Internet, consumer products, IT, media and entertainment, healthcare, hi-tech manufacturing, and services.
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