China News, 2/01/11
Chinese group buying site Lashou recently secured approximately USD 500 mln in third-round funding, according to an industry source, valuing the company at approximately USD 2 bln.
Lashou previously secured first-round funding of USD 5 mln and second-round funding of USD 50 mln. The second-round funding gave Lashou a post-round valuation of USD 1 bln.
Since it launched last March, Lashou's workforce has grown to more than 1,500 people and its group buying service now reaches over 200 cities throughout China. Currently, Lashou's weekly sales reach USD 3 mln, and annual revenue exceeds USD 150 mln.
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 and "Group Buy Site Lashou Lands Funding" MD 4/22/10 issue.
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