Dingdong Maicai has raised an additional $330 million in a funding spree that has totaled more than $1 billion for the grocery app so far this year.
Details: Dingdong Maicai, a Chinese fresh produce and grocery e-commerce platform, has raised $330 million in a D Plus round led by the SoftBank Vision Fund, according to an announcement (in Chinese) from its advisor Cygnus Equity.
- The round follows less a month after the company received in April a hefty $700 million D Round led by DST Global and Coatue Management for business expansion, supply chain investment, and team building.
- Cygnus Equity declined to offer further detail including the company’s latest valuation based on the round when reached by TechNode Wednesday morning. The Shanghai-based investment bank was also the advisor for and an investor in the company’s D Series in April.
- Dingdong Maicai could not immediately be reached for comment.
Context: The four-year-old company operates more than 1,000 warehouses across 29 cities in China as of April.
- Along with grocery delivery services offered by JD Daojia and Meituan, the pandemic boosted Dingdong Maicai’s business last year.
- China’s online grocery boom has drawn in more investors as well as competition from tech majors such as Alibaba and Pinduoduo.