Greenwoods invests $16m in China online rebate site Taofen8
Greenwoods Asset Management has committed RMB100 million ($16 million) in a Series A round of funding for Taofen8, a Chinese online discount aggregation site.
The new funding will be used to expand Taofen8's mobility products and brand promotion, the company told local media.
The site was launched in 2011, providing consumers with cash rebates, e-coupons and shopping tips. Taofen8's mobile app has over 20 million mobile users, with active daily users more than 1 million. The company transacts around RMB10 billion annually.
Industry peer 51Fanlii also operates in a similar business model. Last month, it secured $20 million in a Series B round of funding from SIG China. The rebate site obtained $10 million from Qiming Venture Partners and Steamboat Ventures in 2011.
Greenwoods manages both renminbi-denominated and US dollar funds. The firm is said to be raising its second US dollar fund, with a target of $200 million. The new fund has already received $75 million commitments from fund-of-funds and family offices.
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