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Rumor: Group Buy Site Letyo Wins RMB 15 Mln Funding

CCTime, 5/05/11

Chinese group buy navigation site Letyo.com has reportedly received RMB 15 mln in investment from Matt Coffin, founder of U.S.-based online local daily deal site DailyD. Letyo has not confirmed the rumor.

According to recent reports, following its acquisition by rival FamilyFinds, DailyD will partner with Letyo in late May as its entry into the China market.

Letyo.com launched in March 2010. The site receives visits from more than 200,000 unique users each day, with an average of 6.5 pageviews per user, and has generated cumulative revenues of more than RMB 30 mln to date.

Keywords: Letyo Matt Coffin Internet funding users e-commerce group buying revenue

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