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VC investments 360buy

Published on February 16th, 2013 | by Ted Liu

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Ontario Teachers’ leads 360buy’s $700 million series D round

Ontario Teachers’ Pension Plan (Ontario Teachers’ or OTPP) has quietly led a US $700 million Series D round of financing in Jingdong Century Trading Co., Ltd. (京东世纪贸易有限公司), dba 360buy (京东商城), a Beijing, China based online retailer.

On November 11, 2012, Ontario Teachers’ Pension Plan led a $400 million Series D round in 360buy. Ontario Teachers invested $300 million while the Tiger Fund and existing investors invested $100 million. The deal reportedly valued 360buy at $7.25 billion.

360buy has just added additional $300 million to its Series D with Saudi Arabia’s Prince Alwaleed Bin Talal Alsaud’ Kingdom Holdings investing $125 million.

In April 2011, 360buy raised $1.5 billion in Series C from Digital Sky Technologies (DST) of Russia, Sequoia Capital, the Tiger Fund and Wal-Mart. 360buy was valued at US $7 billion.

360buy has raised $2.23 billion with $10 million Series A and $21 million Series B closed in 2007 and 2008 respectively from Capital Today, Bull Capital Partners, and Francis Leung.

In December 2012, 360buy signed a procurement agreement worth RMB2 billion ($231 million) with Nokia Corporation (NYSE: NOK) for 2013.

Founded by Qiangdong Liu in 1998, 360buy said to have a 50.1% share in China’s self-run B2C market and a 22.7% share in China’s B2C market as a whole. 360buy aims to be China’s largest and among top 5 ecommerce companies globally.

Following its massive investment in 360buy, Ontario Teachers’ said it was in the preliminary planning stages of opening an Asian regional office in Hong Kong in 2013. The office would be staffed by local and Canadian equities staff from the fund’s private capital and public equities departments.

“Given, the global nature of our business and the increasing importance of the Asian region to our fund, it is logical that we have a location there,” commented Jim Leech, Ontario Teachers’ President & CEO.

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About the Author

Ted is an editor of CanadianPrivateEquity.com and Research Director for CVCA - Canada's Venture Capital and Private Equity Association. Ted has been following Canadian venture capital and private equity industry since 1993.



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