Tencent Tech, 4/11/11
Chinese group buying site Lashou announced today it has completed third-round funding worth USD 111 mln. Investors for this round included Milestone Capital, Richemont subsidiary Reinet Fund SCA FIS, Remgro Limited and GSR Ventures III, LP.
Lashou CEO and founder Wu Bo said the funds will go towards call centers, logistics, construction of a brick-and-mortar Lashou experience store, and market expansion efforts.
With this round of funding, in addition to the two previous rounds, Lashou has so far received a total of USD 166 mln. In addition, the new round has made Lashou the first company within just one year of establishment to achieve a valuation of USD 1.1 bln.
Legal counsel for Lashou through this latest round of funding were law firms Latham & Watkins (USA) and Fangda Partners (China).
Editor's Note: For more background on this topic, please see "Lashou Wins USD 50 Mln in Second-Round VC Funding" MD 12/02/10 issue.