GroupNet (Beijing Wangluo Tianxia Shenghuo Technology) runs group-buy platforms QQ Tuan, Ftuan and Gaopeng. The company operates in the Chinese daily-deals/group-buy sector. It recently secured $40M in new funding. The firm intends to use the capital to acquire additional group-buy sites. CEO Lin Ning named 24Quan as a potential acquisition target; 24Quan was once China’s fifth-largest daily-deals site but is said to be facing difficulties. Backers for the round were not disclosed in the report.

Total raised

$40M

Funding rounds

1

Latest round

Equity

Latest activity

Oct 2012