Physix Frontier
QI-HOO 360
Funding History
- IPOUSD 180M — Offer price: $14.50; Market cap at listing: First-day closing market cap significantly higher than offer-price-based market cap (first day +134.5%); Shares issued: 12.1 million American Depositary Shares (ADS); Lock-up period: standard 180 days. Source: Prospectus/Exchange disclosures.
- Business Spin-off and Independent Capital InjectionUSD 50M — Amount: RMB 360M; Approx. USD 50M (at exchange rate then); Led by: Qihoo shareholders jointly injecting capital. In March 2008, 360 switched its official domain to '.cn', completing the transformation from a single product to a security platform, and spun off from Qihoo to operate independently. The new entity received RMB 360M in capital injection from Qihoo shareholders. This was a structural arrangement rather than market-based financing—existing shareholders contributed pro-rata to isolate the 360 business into a new entity, paving the way for future independent IPO. In May, 360 Security Browser was released (featuring the world's first 'sandbox' technology), and free antivirus software launched in July. Source: DOIT / Baidu Baike
- Series B RoundUSD 25M — Amount: USD 25M; Led by: Highland Capital | Completed Series B just 8 months after Series A, with all four Series A institutions following on—in early Chinese internet financing in 2006, this pace of "all old shareholders following" was uncommon, indicating that the user growth curve after the launch of 360 Security Guard convinced them. By Sept 2007, Qihoo announced that 360 Security Guard users exceeded Rising and Kingsoft, becoming the largest security software by user base domestically, just 10 months after Series B. | Source: White Whale Overseas / Baidu Baike
- Series A RoundUSD 20M — Amount: USD 20M; $20,000,000; Led by Sequoia Capital China Fund | The significance of this money lies not in the amount, but in triggering a complete strategic pivot for the company: After the Series A, Zhou Hongyi took office as Chairman and CEO of Qihoo, deciding to shift from 'community search' to the antivirus field—360 Security Guard launched in July of the same year. Previously, in February 2006, Qihoo had just spent 10 million RMB in cash to acquire Shanghai Yizhitang for wireless value-added services, which was a failed attempt. In other words, the Series A investors' money effectively bought Zhou Hongyi's judgment, rather than the community search business line at the time. | Source: White Whale Overseas / DOIT
- FoundingUndisclosed — Amount: Founder contribution (undisclosed); —; Led by Qi Xiangdong (founder) / Zhou Hongyi (Chairman & CEO after Series A in 2006) | In Nov 2003, Zhou Hongyi sold 3721 to Yahoo! China; in Mar 2004, he became President of Yahoo! China, with Qi Xiangdong as VP. In Jul 2005, Zhou Hongyi left Yahoo!, and in Aug, Qi Xiangdong resigned, with more than half of former Yahoo! China employees following them to found Qihoo using the core technology team from Yahoo Search. The company initially positioned itself as a community/BBS search technology service provider—unrelated to later security business. Registered in Cayman Islands on Jun 9, 2005. | Source: Baidu Baike · Qihoo 360