Ontario Teachers’ Retirement Fund, a Canada state-backed investment fund, along with new investor Kingdom Holdings, founded by Saudi Arabia’s Prince Alwaleed Bin Talal Alsaud, has participated in a $700m round of private equity funding for China-based e-commerce site 360Buy.
The new funds will be used help day-to-day operations and improve its logistics service.
The company raised $400m in a series D round in December which included involvement from investment manager Tiger Global Management. That round of financing valued the company, also known as Jingdong Mall, at $7.3bn.
360Buy has now raised $2.3bn since 2007.
Earlier investors in the company include Capital Today, Bull Capital, Pak-to Leung, Digital Sky Technologies (DST) and Tiger Fund.
Founded in 2004 by Qiangdong Liu, 360Buy has been growing at 300% per year and crossed RMB1.2bn in sales in 2008, a year after its $10m first venture capital backing by Capital Today.