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Lashou.com Raises US$50M in Series B Funding

By Siva Liu , PEdaily.cn
Updated: 2010-12-02 11:16:00

Lashou.com, a domestic group purchase website, announced that it has received the second round of venture capital amounting to US$50M. This round of investment mainly came from Tenaya Venture, Norwest Venture Partners, GSR Ventures and Rebate Network.

PEdaily.cn had an exclusive interview with Wu Bo, CEO of Lashou.com. This investment was led by Tenaya Venture and completed very fast, Wu said.

Before that, Lashou.com had received the first round of US$5M financing from Taishan Angel Fund, Founder of Daily Deal, a European group purchase website, and GSR Ventures. In this June, it has got US$5M of loans from such venture capital companies as GSR Ventures. Plus this round of proceeds, Lashou.com has accumulatively received US$60M of venture capital.

Wu disclosed, these proceeds will be used for return to users, promotion in cities and marketing promotion. Before the end of next year, Lashou.com will achieve its target to open 200 to 300 urban group purchase sub-websites, including Hong Kong, Macau and Taiwan.

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