On November 3rd, 2016, at the China Fisheries and Seafood Expo in Qingdao, Gfresh officially announced that the company had raised $20 million USD in funding from Alibaba (Riverhill Fund) and Legend Capital. Along with the funding, directors of Alibaba (famously known for Singles Day) and Legend Capital will also be joining the board.
With this new investment, Gfresh plans to pursue product initiatives for its online seafood marketplace; expand to new markets; and upgrade its logistics supply chain service. All while leading the Chinese seafood industry into a new stage of development.
The distribution of Gfresh's online marketplace covers Beijing, Shanghai, Guangzhou, Chongqing, etc., and aims to become the leading online business-to-business marketplace for global seafood. Gfresh went live in November, 2014, and sold $200 million USD in gross merchandise value in under two years of operation.
Although many companies claim quality assurance for fresh product straight from the source, the reality is that a lot of companies lack stringent import controls. Another common problem for end users includes finding a mix of fresh and frozen products.
Gfresh subverts the traditional seafood model to ensure freshness and improve logistical efficiency. Gfresh is committed to ensuring quality direct from the source to end users with transparency in freight tracking for a minimum one box delivery. The company also offers a real-time data portal that is directly connected with customs.
Gfresh is thrilled to embark on the next phase of development. The financing by Alibaba and Legend Capital opens many exciting doors. Gfresh will embark on a cooperative relationship with You Shi Guan Jia, an online-to-offline distribution business invested in by Legend Capital. And for seamless supply, Gfresh recently committed to an agreement with Tmall and He Ma fresh produce.
Along with developing a multi-channel distribution, other key initiatives include innovation in product and technology. This covers an international logistics tracking system, an improved inspection service, the unique Gfresh reverse auction model for seafood, and Gpay, an escrow account for payment.
Over 30 countries or regions trade seafood online, including Australia, North America, New Zealand, south-eastern Asia and several European countries. With the broadened market coverage and diversified distribution channel, Gfresh can provide an even better platform for regions to demonstrate their brands and sell their products.
The financial backing and exciting new partners on the board reflects Gfresh's growth and continuing success. With this investment, expectations increase, and a new standard of excellence and accomplishment is set that Gfresh will seek to live up to.
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