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Online Rebate Site 51Fanli Lands USD 8-Digit Funding

Tencent Tech, 7/26/11

Chinese online rebate and consumer directory website 51Fanli.com, operated by Shanghai Zhong Yan Information Technology, has obtained eight-digit first-round USD funding jointly led by Qiming Venture Partners and Disney's venture capital firm, Steamboat Ventures. 51Fanli founder and CEO Gary Ge said that this round of funding will mainly be directed toward recruitment and market development.

According to information released by the site, 51Fanli currently has more than 2.5 mln registered users and nearly 400 member vendors, including B2C e-commerce sites 360Buy, Dangdang (NYSE: DANG), Vancl, Yihaodian, Meituan and Taobao. The site currently processes more than 1.2 mln orders worth nearly RMB 200 mln each month.

51fanli, founded in 2006, is an online shopping directory platform offering users shopping rebates. In addition to rebates, the site issues discount vouchers and provides price comparisons, vendor ratings, a single account log-in feature that allows users to enter participating sites using their 51Fanli credentials, and online shopper discussion forums.

Keywords: 51Fanli Gary Ge e-commerce Internet funding B2C first-round Qiming registered users Steamboat Ventures transaction volume online shopping rebate

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