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Zhubajie Lands USD 10 Mln in Second-Round Funding

Sina Tech, 4/07/11

Chinese "Witkey" paid Q&A exchange platform announced today at a press conference in Chongqing that it had received USD 10 mln in second-round funding from IDG.

Zhubajie CEO Zhu Mingyue said that the funding will be spent on advertising, recruitment and, with plans to extend its outsourcing operations overseas as quickly as possible, the launch of an English-language website.

Zhu said that a Zhubajie office has already been set up in the United States, and the site plans to go online there sometime in the second half of the year, adding that, "following in the company's overall strategy plan, notwithstanding any unexpected turns, Zhubajie is prepared to list on the Nasdaq sometime within the next 3-5 years."

According to the latest figures released by the site, Zhubajie had processed more than RMB 280 mln worth of transactions since launching in September 2006; peak transaction value for a 12-month period has exceeded RMB 180 mln; peak transaction value for a 6-month period has exceeded RMB 100 mln, and peak transaction value for a 1-month period has exceeded RMB 28.9 mln.

Editor's Note: For more background on this topic, please see "Chinese Q&A Exchange Platform to Open US JV" MD 11/18/10 issue.

Keywords: Zhu Mingyue IPO Internet funding overseas witkey IDG Q&A Zhubajie USA transaction volume

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