Completes $110M Series C Financing, a China-based group-purchasing website, completed a $110m Series C financing.
The round was led by Milestone Capital, with participation from Richemont’s affiliates Reinet Fund SCA FIS, Remgro Limited, and existing investors GSR Ventures, Norwest Venture Partners and Tenaya Capital.
This round has brought the total amount raised by the company to date to $166m.
As also stated by Bo Wu, the founder and CEO of the company, this round will be used for establishing and expanding call centers as well as improving the logistic system and increasing customer experience and satisfaction levels.
Formally launched on March 2010 in Beijing, has grown to be one of the largest group-purchasing website in China launching in the first twelve months products including “Many Groups Per Day”, “Lunch Killer Deals by the Seconds”, and “Hotel Channels.

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