Ropes & Gray advised ICBC International Holdings Limited in its investment in Beijing Missfresh E-Commerce Co., Ltd. as part of a US$495 million Series F round of financing led by China International Capital Corporation (CICC Capital). Bejing Missfresh is a fresh produce e-commerce platform operating in 16 cities in China. It was founded in 2014 and reached unicorn status in 2017. The funding round is the one of the largest ever in the China’s online grocery sector. Other investors include Tencent Holdings, Tiger Global Management, Goldman Sachs, and Abu Dhabi Investment Authority, among others. The transaction was signed on July 14, 2020 and closed on July 24, 2020.
The Ropes & Gray team was led by private equity partner Oliver Nip and included private equity associate Alice Sun.
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