Nice Tuan, a leading brand in Chinese community retail, announced its C2 round of financing, led by CDH Fund.
Nice Tuan, a leading brand in Chinese community retail, announced a C2 round of financing of USD 80 million on July 29, 2020. This round of financing was led by CDH Fund and followed by GGV Capital, INCE Capital, and CMBC Capital. Cygnus Equity acted as the exclusive financial advisor. In May, Nice Tuan just completed a USD 81.4 million C1 round financing led by GGV Capital. With its C2 financing, the total financing amount of Nice Tuan has almost reached USD 300 million.
This C2 series financing is aiming to consolidate Nice Tuan’s warehouse capacity and strengthen its supply chain. At the same time, Nice Tuan will fully launch its market growth plan to promote sustainable growth.
The domestic community group retail market will exceed one trillion CNY in three to five years. In the field of fresh retail, the demand in the sinking market is rapidly increasing, giving birth to a group of fast-growing community retail companies. Nice Tuan was established in June 2018 and currently covers more than 100 cities and 100,000 communities across China. Together with more than 100,000 community organizers, it provides fresh, safe, and high-quality ingredients to nearly 20 million urban families. During the COVID-19 pandemic, Nice Tuan coordinated with local areas to open upstream and downstream resources – it successfully guaranteed the supply of fresh food and anti-epidemic supply during the unusual time.