Seafood e-commerce website Gfresh has secured $20 million (€22.2 million) in funding from Internet giant Alibaba and Legend Capital, the companies announced at the China Fisheries and Seafood Expo in Qingdao.
Both Alibaba, through Riverhill Capital, and Legend Capital will be joining Gfresh's board.
Gfresh said it will use the financial boost to pursue product initiatives of its online seafood marketplace, expand to new markets, and upgrade its logistics chain, leading China's seafood industry "into a new stage of development."
The website went live in November 2014 and had $200 million (€222 million) worth of seafood pass through its platform in less than two years of operations.
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