KPCB-Backed Chinese Group-Buying Site Sold To Suning

Nanjing-based Chinese home appliance retailer Suning Commerce Group Co. says it has acquired Chinese group-buying site for around US$10 million, according to media reports.

ManZuo, which means "all seats are full" in Chinese, received US$10 million in series A funding from Kleiner Perkins Caufield & Byers (KPCB) in 2010. It then raised US$50 million series B funding from KPCB, J.P. Morgan Venture Capital Investment and other undisclosed venture firms in 2011.

The trade sale deal is expected to allow some of ManZuo’s venture investors to exit. The transaction will be completed by the end of March.

In September 2012, Suning acquired Chinese maternal and infant goods e-commerce websites Redbaby for US$66 million. In October 2013, Suning bought 44% Chinese video website for US$250 million.

Earlier this month, Suning launched its own investment service platform Lingqianbao to expand into the emerging Internet finance industry.

Caishen.Co - Primary Data for China Secondary Investment and Stock Markets