Sina Tech, 11/30/11
Chinese group buy site 24Quan.com announced Wednesday that it has completed eight-digit USD third-round funding. 24Quan declined to provide any further details, saying only that this round of funding will be used to support R&D of services and products and to increase the site's number of partnerships, adding that the company expects to turn profitable before the end of 2011.
Editor's Note: 24Quan did not disclose the source of the alleged funding, and is making this announcement after a string of recent rumors that the company has lost its funding source, defrauded merchants, and slashed its workforce. For more background on this topic, please see:
24Quan Denies Loss of Funding, MD 7/21/11 issue;
Rumor: Group Buy Site 24Quan Begins Round of Layoffs, MD 10/13/11 issue;
CCTV Claims 24Quan Defrauded Local Merchants, MD 11/16/11 issue;
24Quan Denies Withholding Payment to Merchants, MD 11/16/11 issue;
24Quan Sacks Fushun Employees with Half-Pay, MD 11/24/11 issue;
Rumor: 24Quan Closes Zhongshan Branch, MD 11/25/11 issue.