Suning acquires VC-backed group buying site Manzuo
Suning Commerce, a Chinese home appliance retailer, has acquired group buying site Manzuo.com. Transaction terms were not disclosed but the investment was said to facilitate a full exit for VC backer KPCB China.
Manzuo will complement Suning's existing group buying service, the company said in a statement on its microblogging site Weibo. According to AVCJ Research, KPCB committed $10 million in Manzuo in 2010....
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