Mobile Recruitment Platform Lands RMB 20 Mln Angel Funding
36Kr, 4/08/13
Shanghai Zhongpin Information Technology, the developer of mobile crowdsourcing recruitment platform "Renren Lietou," has completed RMB 20 mln in angel funding from two unnamed investors. Renren Lietou was launched in September 2012 and uses a crowdsourcing model to fill employment vacancies. Users can search job listings on the Renren Lietou mobile app and recommend either themselves or friends for available positions. Successful job posting recommendations will result in a cash reward for users.
Renren Lietou currently charges employers 8% of a posting's yearly salary for successful hires, which are split between Renren Lietou (30%) and Renren Lietou's partner headhunters (70%). According to Renren Lietou's head of operations Lu Zengzhe, the service currently boasts around 130,000 users and has hosted more than 700 job postings, which have been growing at a monthly rate of 65%. As explained by Renren Lietou CEO Wang Yuhao, the company took in revenue from partner companies of more than RMB 1 mln in March. The successful match rate for jobs posted on the service stands at around 20%.
Renren Lietou shares a number of similarities with fellow Chinese headhunting services Lietou.com and Juxian.com.
Keywords: Lu Zengzhe Zhongpin Renren Lietou mobile recruitment business model Wang Yuhao funding revenue users wireless first-round mobile application online recruitment
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