News & Analysis

Crowd Mobile raises $2 million in latest funding round, acquires AQA Mobile

- February 25, 2015 < 1 MIN READ

Crowd Mobile, a global crowdsourced micro-job business, has raised $2 million in its latest funding round and acquired UK text and answer service Any Questions Answered (AQA Mobile) for $165,000.

Crowd Mobile partners with apps like Bongo Thinks and What Would Jesus Do, providing them with a large team of researchers who can answer questions or comment on topics or pictures sent in by users, who pay a fee of $2 or more to receive answers. The company answered more than 3.4 million questions across its network in the last financial year.

Any Questions Answered is a similar, SMS-based service.

Domenic Carosa, CEO of Crowd Mobile, said the funding will be used as working capital and for future acquisitions.

“We appreciate the level of support shown by our existing shareholders, and welcome new shareholders to Crowd Mobile at a most exciting time in the company’s development as a leading global crowd-sourced micro job business,” Carosa said.

“We continue to see a number of attractive growth opportunities, many of which are earnings accretive to Crowd Mobile, and look forward to further implementing our strategy in the coming months.”

The acquisition of Any Questions Answered, which was established in 2004 and named the best text and answer service in the UK by the BBC’s Watchdog in 2009, signals Crowd Mobile’s intent on growing in the UK and Irish markets. It is already operating across continental Europe.

Today’s news follows Crowd Mobile’s debut on the ASX in January, which saw its share price drop close ten per cent below its float price on day one. Carosa told The Australian at the time that the money raised by the float would be put towards expanding into Asia. To get the ball rolling, Crowd Mobile acquired Kiss Hugs, a Hong Kong mobile dating app.