Tencent Tech, 6/28/11
Chinese group-buying website Manzuo announced today that it had received over USD 50 mln in second-round funding from Kleiner Perkins Caufield & Byers (KPCB) and JP Morgan.
KPCB also invested in Manzuo's USD 10 mln first round of financing. Manzuo CEO Feng Xiaohai said that the new investment would be used to build the company's sales and customer service systems, as well as for marketing and acquisitions.
Manzuo has 8.5 mln registered users and 6.7 mln paying users at present, with a cost of RMB 5.60 per new user, and of RMB 67 per customer transaction. The company has 10,000 corporate partners, including McDonald's and restaurant chain Quanjude. Over the past three months, customer complaints have declined from 2.3% to 0.6% of transactions.
Editor's Note: According to a report from Netease Tech, Manzuo said today that its second round of funding would come from KPCB and three other VC firms. The company's second-round fundraising is still in progress, and is expected to raise a total of USD 80 mln.
For more information on this topic, please see "Manzuo Solicits Second-Round Funding," MD 3/02/11 issue.