Renwutu, a Chinese person-to-person (P2P) job sharing platform founded in 2014, has landed tens of millions of RMB in Series A funding, reported Chinese tech news site Ctsbw.com on Saturday.
The investment was made by LangmafengVC, a venture capital firm investing mainly in energy, finance, digital media and collaborated services. After receiving angel investment in 2014 and pre-A funding in 2015, Renwutu aims to focus on improving its products and technical performance with the investment from this round.
Renwutu, whose English name is Mission Rabbit, is similar to the US company TaskRabbit. It enables skilled workers, or Mission Rabbits, to easily set up their own business at no cost, while making it possible for task posters to find people nearby to accomplish a task at 30% lower than the average market price, according to the company.
Since attracting more users may help accumulate customer reviews and further improve Renwutu’s task quality, the platform has guaranteed compensation up to RMB 10 million to safeguard users’ rights, and it also uses videos to engage people’s interests, said Wang Zibin, CEO of the company.
The company rivals are some of the largest on-demand service providers in China. Unlike the classified sites 58 and Ganji, TaskRabbit posts less repeated and false information. In comparison with Meituan and Dianping, TaskRabbit not only offers local services, but works to meet individual demands.
“Uber shares cars, Airbnb shares accommodations, and what Renwutu shares are skills and free time,” said Wang.
Offering over 700 types of services, the company has covered 19 cities with 800-900 orders fulfilled every day.
(With contributions from Wanbin Zhang)