Alibaba likes fish: the world's largest online seafood marketplace created

At the China Fisheries and Seafood Expo in Qingdao, Gfresh officially announced that the company had raised $20 million USD in funding from Alibaba (Riverhill) and Legend Capital. Along with the funding, Simon Xi, the co-founder of Alibaba and Tony Wang of Legend Capital will also be joining the board.
With this new investment, Gfresh plans to pursue product initiatives for its online seafood marketplace, expand to new markets, and upgrade its logistics supply chain service, all the while leading the Chinese seafood industry into a new stage of development.
The distribution of Gfresh’s online marketplace covers Beijing, Shanghai, Guangzhou, Chongqing, etc., and aims to become the leading online business-to-business marketplace for global seafood. Gfresh went live in November 2014, and has sold over $200 million in gross merchandise in under two years of operation.
Along with developing a multi-channel distribution, other key initiatives include innovation in product and technology. This covers an international logistics tracking system, an improved inspection service, the unique Gfresh reverse auction model for seafood, and G-pay, an escrow account for payment.
Over 30 countries or regions trade seafood online, including Australia, North America, New Zealand, south-eastern Asia and several European countries.