FTuan Lands $60M In Series C

FTuan, a Chinese group buying service is on track to raise US$ 60M in Series C round of funding with previous investor Tencent participating, according to its founder and CEO Lin Nin. He didnt reveal anything about the investors though.

He also said that the Beijing-based company would set up a JV with social networking service Kaixin001 to tap into the latters huge use base of over 100 million. Kaixin001 announced last week that FTuan would operate the companys group buying service.

When asked about the turmoil regarding Chinese group buying market of downsizing and other setbacks, Lin ascribed these to blind expansion.

Founded in March, 2010, FTuan has always been trying to differentiate itself from the Chinese group buying crews by more selective deals. The site pulled in nearly RMB 100M ($ 15.6M) in Aug of this year.

Related posts:

  • Tencent Invested in Daily Deal Site FTuan for an Undisclosed Sum
  • Kaixin001 To Co-operate Group Buying Service; Baidu To Launch Online Recruitment Service With New Domain Name And Branding
    • !
  • Kaixin001 Launched Its Groupon and Groupon Aggregation Service



    • Comments

    Post a Comment

    Popular posts from this blog

    China Watch: Magical New Maglev, Fire the Ambassador?

    Image
    A list of what the Wall Street Journal’s reporters in China are reading and watching online, periodically updated throughout the day. (NOTE: WSJ has not verified items in the ‘News’ section and does not vouch for their accuracy.) Last updated: 7:22 pm Beijing time. NEWS: Chinese scientists at Southwest Jiaotong University have developed a model maglev train that runs in a vacuum tube and can travel as fast as an airplane, the Global Times reports . Whether it will ever be put to use is another question, with one expert quoted in the story calling the train “complete scientific fantasy.” The first of two planes sent to retrieve up 480 Chinese nationals stranded in Egypt has landed in Beijing, Xinhua reports . Meanwhile, Hainan Airlines today dispatched another plane to pick up some of the 300 or so who remain in Egypt. It’s not clear from the reports if all of them will fit on the third plane. CNET interviews theater/tech geek Mike Daisey, creator of “The Agony and the
    Keep reading

    Live Blog: GMIC G-Startup Competition 2011

    Image
    Technode team today is covering Global Mobile Internet Conference, both in Auditorium 1 with keynotes speakers including Charles Chao (CEO of SINA), John Liu (Google China) and in Auditorium 2 with G-Startup Competition. We will be live-blogging (and live-tweeting) G-Startup Competition here. And reporting in more details on keynotes and various interviews afterwards. Stay tuned and follow us on @technodechina #TheGMIC #gstartup ! Related posts: G-Startup Competition Prizes Announced, So Apply Now! Mobile Blog Blogging anywhere and anytime Global Mobile Game Awards at GMIC2011 Submit Your Mobile Game!
    Keep reading

    Chinese Pinterest Huaban.com Grabs Money and Attention

    Image
    Out of all the Chinese Pinterests we mentioned earlier , Huaban (, or petals) is decidedly the one that stands out from the crowd to receive US$ more than one million in Series A round of funding from KPCB, less than ten days after the website went online. The Hangzhou-based service was crafted by the startup behind Yupoo , one of the earliest and best Flickr-clone in China founded about 7 years ago. With exact the same idea, features and even web design and layout, Huaban let users collect (just like Pin with Pinterest) pictures by uploading local files or grabbing one from existing webpage. You can recollect (like Repin) whatever attractive to you and save them onto your Huaban (like board) and Like pictures collected by other users. Moreover, you can create boards under different categories to organize all the pictures you collected. Pinterest per se has seen huge growth with rapid rising traffic in the States, the site has 3.2 million UV monthly with growth rate over 100%, topped
    Keep reading