Tongcheng Life
Social commerceChina
π Dead / Bankrupt
PeakΒ $1 BillionToday
~-100%
from peak
- π¦Became a unicorn2020
- πPeak valuation$1 Billion β21
- πBecame a Unitard2021
- πΈLast valuationWiped out
π₯ Raised & burned
$300M
Total raised
$270K/day
Burned Β· 3.0y alive
Funding: SCMP/AVCJ
Current status
Filed for bankruptcy (July 2021); China's first community group-buying unicorn to collapse
How it happened
Tongcheng Life (εη¨ηζ΄»), run by Suzhou Fresh Orange Technology, was one of China's 'big three' community group-buying platforms alongside Xingsheng Youxuan and Nice Tuan. Founded in 2018 and backed by more than $300M in venture funding, it reached a valuation of roughly $1B before a brutal price war and heavy subsidies drained its cash. In July 2021 it filed for bankruptcy owing about 200 million yuan to more than 1,000 suppliers β becoming the first community group-buying unicorn in China to collapse.
Source: TechNode / DealStreetAsia / SCMP (founded 2018, raised >$300M VC, valued ~$1B; parent Suzhou Fresh Orange filed bankruptcy Jul 2021 owing ~RMB 200M to 1,000+ suppliers; first Chinese community group-buying unicorn to fall)
