China’s Largest Crowd Sourcer Receives Huge Cash Injection
China’s largest crowd sourcing platform Zhubajie.com received a cash injection of CNY 2.6-B (US$425-M) Monday. Zhabajie is the largest of its kind in China’s service industry and the largest Internet-related investment in west China.
Zhubajie provides website design and construction, writing; programming, planning and marketing, will now be worth more than CNY 10-B, said Zhu Mingyue, its founder and CEO.
Cybernaut (China) Investment, a venture capital firm focused on technology, will contribute CNY 1.6-B, and a state-owned enterprise under the Chongqing New North Zone Administration Committee will invest 1 billion yuan.
The money will be used by the company for marketing and to establish regional incubator projects in 20 Chinese cities, said Zhu, who founded the crowd sourcing company in Y 2006 in the western city of Chongqing.
Zhubajie, which has an international portal Witmart.com, planned to be listed on NASDAQ in Y 2011 but turned to the domestic market due to success in the local markets. The massive injection of money will speed up its IPO process on a local exchange, he said.
Zhubajie has 13-M registered users and an accumulated crowd sourcing turnover of CNY 6.5-B.
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HeffX-LTN
Paul Ebeling
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