Qihoo 360 enters crowdfunding fray

Another leading Chinese Internet company has joined the highly competitive crowdfunding sector, close on the heels of e-commerce giants JD.com Inc and Alibaba Group Holding Ltd.

Qihoo 360 Technology Co Ltd, the Internet security company, said on Tuesday that its equity crowdfunding platform t.360.cn raised more than 10 million yuan ($1.53 million) from 200 investors a day after launching its first crowdfunding project on Dec 29.

Zeng Chunqiang, CEO of t.360.cn, said the platform will focus on quality, early-stage projects before the first round of financing.