Beijing Wangluo Tianxia Life Technology Company Limited, which is the integrated company of the Chinese group buying websites Ftuan.com and Gaopeng.com, has completed its latest financing and gained investments of USD40 million.
According to Lin Ning, chief executive officer of Wangluo Tianxia and former chief executive officer of Ftuan.com, the investments were led by Groupon and Tencent also made additional investment. On the completion of the investment, the management team of Ftuan.com still holds a majority stake.
Lin revealed that so far, Ftuan.com, Gaopeng.com, and the group buying business of Tencent have been fully integrated and no barrier exists on the operational level. In the future, the new company will implement more moves, including focusing on more acquisitions.
Prior to this, Ftuan.com gained three rounds of investments. In June 2010, the company received over USD5 million investments from Mitsui Ventures and Mizuho Capital Markets; in March 2011, it gained tens of millions of US dollars from Tencent; and in the same year, it gained additional USD60 million investments from companies including Tencent.