Tencent Tech, 9/28/11
Lin Ning, CEO of Chinese group buy site FTuan, revealed yesterday that the company had secured USD 60 mln in third-round funding. Four investment funds participated as well as Shenzhen-based internet company Tencent (0700.HK), which previously participated in FTuan's second-round funding.
FTuan reportedly has an ad budget of RMB 200 to 300 mln for the year, including a round of 30-second ads that will air on CCTV-2 and CCTV-4 between October 3 and October 16, costing between RMB 20 and 30 mln.
Discussing FTuan's partnership with Chinese SNS site Kaixin001, Lin said that Kaixin001's group buy channel (tuan.kaixin001.com) was operated exclusively by FTuan, and added that FTuan and Kaixin001 would establish a joint venture focusing on social e-commerce development later this year.
Prior to the partnership, Kaixin001's group buy site employed more than 100 people in teams in more than ten cities. These teams have since been merged into FTuan, with former Kaixin001 employees either working with FTuan, working on other Kaixin001 projects, or working on the upcoming joint venture.
Editor's Note: For more information on this topic, please see "FTuan Completes Third-Round Funding," MD 7/08/11 issue.