Chinese E-Commerce Giant 360buy Raises $1.5 Billion From Russian Investment Group

China’s leading e-commerce Web site 360buy.com has raised a massive round of funding from Russian Internet investment group Digital Sky Technologies, known for investing in Groupon and Facebook. DST contributed $500 million of the $1.5 billion round, Reuters reports. The company, which is preparing for an IPO in 2013, previously raised funding from Wal-Mart Stores.


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Another gadget you don’t really need. Will not work once you get it home. New model out in 4 weeks. Battery life is too short to be of any use.

— From the fact sheet for a fake product entitled Useless Plasticbox 1.2 (an actual empty plastic box) placed in L.A.-area Best Buy stores by an artist called Plastic Jesus