360Buy Third-Round Funding Exceeds USD 500 Mln
Sina Tech, 12/23/10
Liu Qiangdong, CEO of Beijing-based IT products B2C e-commerce platform 360Buy, has revealed that 360Buy has raised more than USD 500 mln in third-round funding. Details will be announced in March 2011, according to Liu. He added that there are six strategic investors including Walmart.
360Buy began the third round in late 2010, with the first phase reaching USD 150 mln which was received several months ago, but Liu disclosed that the aggregate total of funds exceeded USD 500 mln after subsequent phases.
In reference to the ongoing online book price war between 360Buy and Chinese B2C e-commerce site Dangdang (NYSE : DANG), Liu said that given current figures, 360Buy expects its book sales to exceed RMB 500 mln in 2011, and reach an estimated RMB 1.5-2 bln in 2012.
Editor's Note: For more background on this topic, please see "360Buy Obtains USD 150 Mln Funding" MD 1/27/10 and "360Buy Receives Second Half of VC Funding" MD 12/03/10 issue.
Keywords: Liu Qiangdong e-commerce Internet funding B2C 360buy Dangdang third-round DANG Wal-Mart
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