DST Global and Coatue Management led a $700m Series D funding round in Dingdong Maicai.

DST Global and Coatue Management, two private equity firms, led a $700m Series D funding round in Dingdong Maicai, a fresh vegetable e-commerce platform. The round was joined by existing shareholders, including Tiger Global Management, General Atlantic, CMC Capital Group, Capital Today, Sequoia Capital, Ocean Link and Hony Capital. New shareholders include Aspex Management, 3W Fund Management, Mass Ave Global, APlus Partners and Cygnus Equity. The proceeds of the funding round will be used for market expansion, supply chain development and team building.