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Second Billionaire-Backed Company Invests In China Fresh Food Industry This Month

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JD.com, the China online e-commerce site led by billionaire Liu Qiangdong, was the lead investor in a $70 million round of new financing for FruitDay, the largest fresh produce e-retailer in China by revenue, FruitDay said on Monday.

China is routinely dogged by food safety problems, and the investment is the largest financing round in China's fresh produce e-commerce industry to date.  It is also the second by a billionaire-connected company in a fresh food business in May.

Earlier this month,  Hong Kong-listed Sun Art Retail, the operator of the RT-Mart hypermarket chain in China, bought 54% of Fields, an online food supplier in China.   Sun Art’s investors include Auchan Hyper of France and Taiwan billionaire Samuel Yin.

Other online health food sites in China include Amazon-backed www.yummy77.com.  Wal-Mart is making inroads in the niche through its China online subsidiary Yihaodian.

FruitDay’s latest investment round also attracted money from Susquehanna International Group  and ClearVue, both of which were previously shareholders. Founded in 2009, FruitDay gets more than 60% of its business outside of the Shanghai area.

--Follow me on Twitter @rflannerychina