202114 Jan
EXCLUSIVE: Chinese precision ag platform Kebai nets $6m Series B
Type
Funding Rounds
Funding
202114 Jan
$6MSeries B
Source
Agfundernews
Summary

Creadev, the investment firm of France’s Muillez family — which owns superstore chain Auchan and sports retailer Decathlon — is pumping up to $6 million into Chinese precision ag platform Kebai Sciences as part of its Series B funding round. The Beijing-headquartered startup will use the funds for working capital purposes, research and development, and to accelerate its global expansion plans, Creadev investment director Alan Zhu told AFN. That’s why we zoomed in on Kebai.” ‘We want to build our own agtech ecosystem’ Creadev’s broader vision is top tap into technologies from markets such as China to boost its portfolio companies in other sectors and other parts of the world. We want to build our own ecosystem of agtech companies, so post-investment we want to create some connection and synergy between Kebai and our investments in the US and Europe.” In the current atmosphere of heightened trade frictions between China and other major economies, including ag giants like the US and Australia, that’s easier said than done. The startup’s founder and CEO Frank Liu, who previously worked at the Asian Development Bank and the Chinese government’s Ministry of Agriculture and Rural Affairs, said in a statement that it will be “actively engaging in the Creadev agtech system, which will benefit our IoT tech iteration, help enhance the plant growth algorithms, and expand our global footprint in terms of both sales and implementation.” “Moreover, we would like to learn from the Mulliez family’s decades of retail and distribution experience, to build up Kebai’s upstream and downstream supply chain,” he added.

Classifications
  • AgriTech