China's Daily Deals Site Lashou Raises $110 Million

Lashou.com, a competitor to Groupon in China that has experienced astronomical growth, has raised a third round of funding totaling $110 million. The round was led by Milestone Capital, with Reinet Fund, Remgro, GSR Ventures, Norwest Venture Partners and Tenaya Capital also participating. The capital will go toward market expansion and to improve customer service. Lashou.com has raised a total of $166 million in venture capital and was considered a potential partner for Groupon. In January, sources said that Lashou’s revenues had an annual run rate of $150 million and that it was on track for a $1 billion valuation.