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Treasury & Capital Markets
Crowdtasking mobile app platform gets fresh funding
WeiChaiShi, China's largest mobile crowdtasking platform, has closed a US$3.2 million round of financing from ClearVue Partners and Nokia Growth Partners. The funding seeks to further drive WeiChaiShi’s growth
The Asset 16 Sep 2014
WeiChaiShi, China's largest mobile crowdtasking platform, has closed a US$3.2 million round of financing from ClearVue Partners and Nokia Growth Partners. The funding seeks to further drive WeiChaiShi’s growth as it continues to expand its team, build its partner network and add new features. ClearVue Partners is a private equity fund targeting fast growing and promising consumer companies in the Greater China region.
 
Crowdtasking is different from crowdsourcing in that it compensates mobile device users to complete a task – rather than just to provide and share information – this nuanced difference with crowdsourcing is important as the opportunity is potentially bigger, WeiChaiShi explained. “Imagine: two million mobile customers across checking product availability, sending the data in – in real-time – across 400 cities in China,” it added.
 
The founder of Weichaishi sees big market potential for the platform, which allows companies to outsource tasks to mobile device users. "This infusion of capital is a tremendous vote of confidence in our business model and it comes at an exciting time for WeiChaiShi. We believe we are leading the way in innovation and is best positioned to become the premier application in crowdtasking,” said Henry Pei, company founder and CEO. “With the resources and experience from ClearVue Partners, we can capitalize on a very large and very lucrative market opportunity,” he noted.
 
Launched in January 2014, the WeiChaiShi app connects businesses in China to an on-demand mobile workforce who are compensated to use their mobile phones to collect, capture, and report real-time data while going about their everyday lives. As of May 2014, it has over 100 global clients with a network of over 400 cities in China. The app has quickly attracted over two million registered users and continues to rapidly grow its user base. Corporate clients in China include Coca-Cola, BMW, Lenovo, Nielsen, AutoNavi, Nestlé and Baidu.
 
The type of crowdtasking includes data collection, market survey, commercial inspection, interactive marketing, customer invitation, amon others. WeiChaiShi users can earn about 5,000-6,000 Chinese yuan (US$809-US$971) a month by completing tasks via the app.  WeiChaiShi helps build a bridge between companies and the public, as the two million registered users on the platform can act as a go-to team to effectively connect consumers, stores, and brands.
 
"ClearVue Partners invests in innovative consumer-focused companies in China that are disruptive and that present a strong consumer demand opportunity," said William Chen, managing partner at ClearVue Partners. "WeiChaiShi is perfecting the crowdtasking experience and has created a truly interactive, collaborative space for an ever-increasing mobile on-demand workforce in China,” he added.
 

    

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