Pagoda has received US$230 million in series B round funding from investors to grow in the fresh fruit e-commerce sector.
This is a significant increase from its series A funding of US$63 million in late 2015.
China Money Network reported that a number of firms had participated in the investment round, including Co-Stone Capital, Source Code Capital, Shenzhen Capital Group Co., Ltd., Zhongzhi Capital, Zhongjin Zhide Equity Investment Management and Yuexiu Industrial Fund.
In 2016 Pagoda shifted its business focus away from traditional fruit retailing and toward e-commerce by merging with fresh produce online retailer, 1mxian.com.
China’s fresh produce e-commerce industry has developed rapidly in the past two years, reaching US$21 billion in total transactions for 2017 – up 59.7% year on year from 2016.
Pagoda plans to use its latest investments to develop fresh fruit supply chains and enhance its industrial internet.
