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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The problem with the Billionaire Savior phase of the newspaper collapse has always been that billionaires don’t tend to like the kind of authority-questioning journalism that upsets the status quo.

— Ryan Chittum, writing in the Columbia Journalism Review about the promise of Pierre Omidyar’s new media venture with Glenn Greenwald