Freshfresh

About Freshfresh

Freshfresh, registered as FreshFresh Trade and Commerce (Shanghai) Co., Ltd., is an e-commerce company founded in Shanghai, China, in 2013 by Adrian Fang, Leo (Bin) Shen, and Baiyuan Fang. The company operates an online platform for ordering farm-fresh groceries, targeting consumers in the Shanghai metropolitan area with a promise of quality food at affordable prices. The business model is centered on purchasing produce directly from farmers, which eliminates intermediaries and allows for more competitive pricing for consumers. Freshfresh manages the entire supply chain, from procurement directly from the farm to final delivery to the customer's home.

The company's mission is summarized by its slogan, "让一部分人先吃好," which translates to "Let some people eat well first." By the end of June 2016, the platform had amassed over 700,000 registered users, with a repeat purchase rate of approximately 45%. This user traction and business model validation attracted significant investor interest. Freshfresh has secured a total of $40 million in funding over two Series A rounds. The first round in March 2016 raised $20 million from investors including Tripod Capital and Shanghai Minxiang Investment Management Co. A second $20 million Series A round occurred in September 2018, with participation from Shenzhen Dingxin Capital Management and Huashan Capital. Despite its growth and funding, the company reported a loss of around ¥20 million in 2015, representing 20% of its operating revenue, a common challenge in the competitive fresh food e-commerce sector.

The founders conceived the idea for the online platform at the end of 2013 and have since continuously tested and refined the business model. Their efforts were recognized when Freshfresh won the 2016 Top Digital award, the only fresh food e-commerce platform to receive a prize at that year's innovation ceremony for China's telecommunication, media, and technology industries. The company leverages data, technology, retail, and marketing expertise to enhance the shopping experience and aims to improve the quality of living for its customers. Although it had plans for expansion into other cities, as of mid-2016, the focus remained on achieving profitability within its existing market.