Crowdtasking Mobile App WeiChaiShi Announces $3.2 Million Series A Financing, Led by ClearVue Partners and Nokia Growth Partners

SHANGHAI, Sept. 15, 2014 /PRNewswire/ -- WeiChaiShi, China's largest mobile crowdtasking platform, announced it has closed a $3.2 million round of financing. Led by ClearVue Partners and joined by Nokia Growth Partners, the funding will 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. Imagine: two million mobile customers across checking product availability, sending the data in - in real-time - across 400 cities in China.

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 WeiChaiShi is leading the way in innovation and is best positioned to become the premier application in crowdtasking," said Henry Pei, Founder and CEO of WeiChaiShi. "With the resources and experience from ClearVue Partners, we can capitalize on a very large and very lucrative market opportunity," Pei said.

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, WeiChaiShi 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, Nestle, and Baidu. The type of crowdtasking includes data collection, market survey, commercial inspection, interactive marketing, customer invitation, etc. WeiChaiShi users can earn about 5,000-6,000 Chinese yuan (US$809-971) 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," Chen said.

About WeiChaiShi

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, WeiChaiShi has over 100 global clients with a network of over 400 cities in China. The app has attracted over two million registered users. Corporate clients in China include Coca-Cola, BMW, Lenovo, Nielsen, AutoNavi, Nestle, and Baidu.

About ClearVue Partners

ClearVue Partners is a private equity fund focused on investments in the fast growing and dynamic consumer sector in the Greater China region, primarily in the food and beverage, consumer lifestyle, and consumer Internet/mobile sub-sectors. ClearVue Partners targets growth stage investments in fast growing and promising local companies, enables market entry for leading international consumer brands into China, and develops top-tier brands and businesses. The ClearVue Partners team has a unique combination of investment and senior operations experience from the U.S. and Greater China, with an advisory group of recognized business pioneers in the consumer industry.

For more information about ClearVue Partners, please visit www.cvpcap.com.

About Nokia Growth Partners

NGP invests in companies that are changing the face of mobility, connectivity and the Internet. NGP offers industry expertise, capital and an extensive network, enabling entrepreneurs to build disruptive, industry-changing companies and take them to the global market. With offices in the U.S., Europe, India and China, NGP extends the reach of companies making their products and services local everywhere.

Visit http://www.nokiagrowthpartners.com for more information.

For more information, please contact:

Liu Zhan
ClearVue Partners
Tel.: (86) 21-5031-8996 ext. 103
E-mail: [email protected]

Adam J. Steinberg
Weber Shandwick
Tel.: (86) 1358-157-4802
E-mail: [email protected]

SOURCE ClearVue Partners