Tech News

Facebook investor joins funding round for 360buy.com

Sky Technologies “Russian Internet investment group Digital”, an investor in social network company Facebook, has joined a group of investors funding hundreds of millions of dollars to 360buy.com, China’s largest online retailer.

According to the Financial Times the interest in 360buy underlines the vast opportunity for online commerce in China, one of the largest and fastest-growing internet markets.

Facebook & 360buy.com
Facebook & 360buy.com

DST and 360buy could not be reached for comment.

360buy, which was founded in 2004, has been described as the Amazon.com of China, the daily said.

DST already owns large stakes in some of the most successful US internet companies, including Facebook, Groupon and Zynga.

Wal-Mart Stores Inc, the world’s largest retailer, was one of six strategic partners who invested a total of $500 million in 360Buy in December.

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Matthew

Matthew is a technology blogger for vritesh.com

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