A Chinese e-commerce app that lures grocery shoppers with cash just raised $100M in Series B

There is no shortage of up-and-comers jostling for a spot in China's massive e-commerce industry, and oftentimes they pick a niche market and present a novel business model different from the establishment of Alibaba or JD.com . Chinese social e-commerce app Fresh Buddy announced on Tuesday that it has raised $100 million in a Series B funding round led by Genesis Capital, a growth-stage fund founded by two former Tencent executives. SIG China, DCM Ventures and Vision Plus Capital also participated in the round, with China Renaissance serving as the exclusive financial advisor.