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China's largest crowdsourcer raises record funds

Source:   Time:

CHONGQING, June 15 (Xinhua) -- China's largest crowdsourcing platform Zhubajie.com received a cash injection of 2.6 billion yuan (425 million U.S. dollars) Monday, the largest of its kind in China's service industry and the largest Internet-related investment in west China.

Zhubajie, which provides website design and construction; writing; programming; planning and marketing, will now be worth more than 10 billion yuan, said Zhu Mingyue, its founder and CEO.

Cybernaut (China) Investment, a venture capital firm that focuses on technology, will contribute 1.6 billion yuan, and a state-owned enterprise under the Chongqing New North Zone Administration Committee will invest 1 billion yuan.

The money will be used for marketing and to establish regional incubator projects in 20 Chinese cities, said Zhu, who founded the company in 2006 in the western metropolis of Chongqing.

Zhubajie, which has an international portal Witmart.com, planned to be listed in Nasdaq in 2011 but turned to the domestic market due to success stories in the local markets. The massive injection of money will speed up its IPO process on a local bourse, he said.

Zhubajie has 13 million registered users and an accumulated turnover of 6.5 billion yuan.

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