SHANGHAI, Jan. 29, 2015 /PRNewswire/ -- Wenjuan.com, a Chinese leading online survey and feedback management platform announced it has raised $5.5 million equity financing from joint investors including Huayi Capital, Legend Star and LeFund by Lenovo. The deal was settled in December 2014.
The funding, according to Xiang Shoujun, founder of wenjuan.com, will be spent to attract more users as well as on product improvement and innovation. The boom of the Internet and the proliferation of mobile devices in China have been fueling the use of online surveys, forms and rating services, which are estimated to receive responses from around 3 billion people by the year 2016. Wenjuan.com saw a surge in user numbers following a rapid expansion in market demand, and is expected to host over 1.5 million registered users and 500 million visitors by the end of 2015.
Huang Guohe, Managing Director of Huayi Capital says the investment decision was made based on China's huge market, the company's talented management team and its innovative products. The deal, initiated by Huayi's proposal of acquiring over 10% of wenjuan.com's shares, was finalized with a $5.5 million investment from Huayi for a mixture of equities and debentures, as the board of governance and management team of wenjuan.com opted for a stock dilution, indicating strong confidence in promising future growth.
Wang Mingyao, Executive Director of Legend Star, believes the competent management team and distinctive market position of wenjuan.com will project the company as China's SurveyMonkey in the near future, as the business services market is only at the burgeoning stage in China.
Launched in July 2013, Wenjuan.com provides an array of services including online surveys, forms and ratings. Customers are offered with convenient choices of making easy yet professional surveys, forms, rosters or fun quizzes, the results of which are accessible to survey-senders after distribution via Wechat, Weibo or OA and CRM systems.
Wenjuan.com boasts over 600 thousand users, including Alibaba, Xiaomi, China Mobile, China Youth Daily and Tsinghua University, among other well-known firms and institutions. Since its founding 18 months ago the company has helped over 100 million online participants to be reached by companies, media, governments and colleges. Its previous round of financing was received in 2013 from Legend Star, Lenovo Group and Suzhou Industrial Park.