Dianping secures $100 mln in third-round funding - report
Shanghai. April 27. INTERFAX-CHINA - Dianping.com, a restaurant review website in China, has raised $100 million in its third round of financing, Chinese media reported April 26.
Shanghai-based venture capital (VC) firms Qiming Venture Partners, Trust Bridge Partners and U.S.-based Lightspeed Venture Partners joined existing investor Sequoia Capital in the fundraising, according to an ifeng news portal report.
The capital will be used to develop Dianping's deal-of-the-day offering, launched last June, and its mobile Internet services, the report said.
Dianping turned profitable in 2008, the report added, citing the company's chief financial officer (CFO) Shu Hong.
Dianping led China's deal-of-the-day market in terms of sales with a 20.7 percent share in September 2010, Interfax previously reported.
Founded in 2003, Dianping had 30 million active users as of March 2011, according to its website.
- CC