China-based discount sales coupon provider Beijing Lashou Network Technology Company has raised $110m in its series C round from a consortium including Switzerland-based luxury goods maker included Richemont’s affiliates Reinet Fund and Remgro.
In the past 12 months since launch, and including two previous rounds, Lashou has now raised $165m. It has a reported $1.1bn valuations according to news provider Financial Times.
Venture capital firm Milestone Capital led the C round, joined by VC peers and previous investors GSR Ventures, Norwest Venture Partners and Tenaya Capital.
In December, Lashou reportedly raised $50m from a consortium including services peer Rebate Network, according to news provider TMC, having launched with $5m.
News provider Mobinode said venture capital (VC) firms Tenaya Venture, Norwest Venture and GSR Venture were also part of the consortium that had provided an initial $10m.
Bo Wu, the founder and chief executive of Lashou and former head of Shanghai EnReach and Focus.cn, said: "This round of financing will be used for the establishment and market expansion of call centres, same city logistics, as well as Lashou Experience Shops. The group-purchasing market of China has huge potential."
In late February, US-based discount sales coupon provider Groupon, which had tried to buy Lashou, partnered with China’s largest internet company, Tencent, to launch a site for the China market.
Law firms Latham & Watkins and Fangda Partners advised on the C round.