Qualcomm PR, 1/31/11
Chinese mobile app store and SNS Jike Network Technology (159.com) was named one of six regional finalists for Qualcomm Ventures' QPrize venture investment competition, and will receive USD 100,000 in funding. The six finalists will compete for a grand prize of USD 150,000 in additional funding in the final round of competition at DEMO Spring 2011 in Palm Desert, California February 27 to March 1.
Jike operates a mobile app store that generated USD 4 mln in revenue and a USD 440,000 profit in 2009. The company has more than 33,000 mobile games, 15,000 handset applications and an archive of 56,000 books, 9,400 video clips and entertainment features, plus tens of thousands of wallpapers, themes and ringtones. 159.com is the company's branded website that operates as a social networking service for consumers looking for entertainment.