55Tuan Lands USD 50 Mln in New Funding
NetEase Tech, 5/21/14
Beijing Wowotuan Information Technology, operator of group buy site 55tuan.com, has confirmed that the site has received USD 50 mln in a new round of funding from existing 55tuan investors.
According to a 55tuan spokesperson, the new funds will be used for strategic business expansion, including expansion of 55tuan services to more major cities, expansion of the company's mobile business, and continued optimization of company products and services.
Editor's Note: For more information on this topic, please see "55Tuan Obtains USD 200 Mln in Funding, Plans US IPO," MD 5/25/11 and "Rumor: Qihoo 360 in Talks to Acquire 55Tuan," MD 4/01/14 issues.
Keywords: Internet funding 55Tuan group buying
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