Beijing-based T11 Food Market, a retail supermarket brand with a focus on fresh food and groceries, has completed a Series B round raising $100 million.
The e-commerce conglomerate Alibaba led the new round, which also saw participation from private equity fund Redview Capital and existing investor MSA Capital — a $1.7 billion fund that has also backed industry majors such as Meituan, NIO, and Didi.
Hina Group facilitated the transaction, per a company statement.
In April 2020, MSA Capital had exclusively poured ‘tens of millions of US dollars’ in T11’s Series A round.
Proceeds from the latest funding will be used to improve its services, revamp its supply chain, and e-commerce platforms, and retail technology.
T11 runs as a digital supermarket retailer that supplies fresh produce — vegetables, fruits, food and beverage, and snacks, among others — to customers.
T11 has a proprietary digital retail system, S11, which offers omni-channel retailing management.
It has also rolled out an app that has registered nearly 1 million users. It allows customers to order products online with delivery promised within half an hour.
T11’s previous backers include IDG Capital, state-backed Everbright Limited, iVision Ventures, and Yisan Capital.
In March this year, Alibaba alongside DST Global had co-led a $750 million investment in Chinese community grocery buying operator NICE Tuan with a target to bolster its supply chain and increase fresh produce offering.