360Buy Receives $21m in Series B Funding from Capital Today etc

Jan. 14, 2009 - PRLog -- Beijing-based IT product B2C site 360buy.com has received second-round fundraising of $21 million from Capital Today, Bull Capital Partners, and a private company of Francis Leung, a famous investment banker of Asia. The funds raised will be mainly used for expanding the product categories, enriching brands, and promoting the logistics and delivery.

“Amid the downturn of both economical and capital markets, funds are more turning to choose the enterprises with a strong cost control capability, clear growth path, and sustainability,” said Liu Qiangdong, President of 360Buy, “our company just meets the requirement. And this is the reason for fundraising in the economic depression.”

In 2007, 360Buy gained the first round funding of $10 million from Capital Today. In November 2007, Liu said they would initiate a series B funding for the establishment of its fourth product center. It’s reported at the end of October 2008 that 360Buy might raise $20 million and Hina would be the financial advisory. On December 19, 2008, Yan Xiaoqing, Vice President of 360Buy confirmed that Liu was signing an agreement in Macau and the company had received second round funding of $21 million. 360Buy, which penetrated into the e-commerce field in 2004, has become the biggest 3C online shopping platform of Chinese B2C market.

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