China Deal Monitor: E-invoicing firm Ekuaibao raises $50m and more updates

Chinese electronic invoicing (e-invoicing) firm Ekuaibao has secured 353 million yuan ($50 million) in its Series C and C+ round. 

The recent Series C+ round financing of 141 million yuan ($20 million) was exclusively led by Sequoia Capital while the Series C round of 212 million ($30 million ) was launched by Tiger Global Management and joined by the existing investors DCM and Future Capital, a media statement on Tuesday. 

Established in 2014, Beijing-based Ekuaibao offers enterprise invoicing management and claims to have nearly 2,000 clients.  It has completed three rounds of financing in 2019.

Armed with the funding, Ekuaibao is looking to build a larger sales and marketing team and also set up divisions in central and western China in a bid to capture increased market shares.

CHINA DEAL MONITOR

DealStreetAsia has also put together a table listing out all prominent venture capital transactions in the Greater China region in the last week.

In among the biggest rounds this week, Taimei Technology, a Chinese cloud-based software provider that serves pharma companies, completed its Series E and Series E+ financing at 1.5 billion yuan ($212 million) led by New York-based investment company Tiger Global Management and Tencent, respectively.

Chinese internet giant Tencent Holdings has been active this week having joined the $141-millon Series B round for electronic invoicing firm Hainan Golden Technology. Another recent headline deal was the $100-million Series B round for Chinese mobile content platform operator Qutoutiao’s e-book brand Midu. CMC Capital led the round.

Expand Table

StartupHeadquarterInvestment Size (USD)Investment StageLead Investor(s)Other Investor(s)Sector
Taimei TechnologyShanghai, Jiaxing212 millionE, E+Tiger Global Management, TencentSoftbank China Venture Capital (SBCVC), Morningside Venture Capital, Cowin Venture, SAIF Partners, Zheshang Venture Capital, Ivy CapitalTechnology
Hainan Golden TechnologyShenzhen141 millionBTencent, Shenzhen Capital Group Co., Ltd, Chinese investment fund CDH Investment and China Investment and China Finance FundHillhouse Capital, Chinese conglomerate Wanda Group,IDG Capital and Prometheus CapitalFinancial Services
MiduAnhui100 millionBCMC CapitalQutoutiaoE-Commerce & Internet Economy
dMed BiopharmaceuticalShanghai50 millionBVivo CapitalQiming Venture Partners, Lily Asia VenturesSocial Infrastructure
EkuaibaoBeijing50 millionC, C+Sequoia Capital, Tiger Global Management DCM, Future CapitalE-Commerce & Internet Economy
ZWSOFTGuangzhou19 millionBAddor Capital, China Internet Investment Fund (CIIF)Guangdong Finance Fund Management, Yuexiu Financial Holdings Group, Technology Financial Group, Fortune Capital, China Aerospace Science and Industry Corporation (CASIC)Technology
The Little BearShanghai18 millionBImmensus CapitalYunqi Partners, Matrix Partners ChinaE-Commerce & Internet Economy
MICOTXi'an16 millionPre-ANorthern Light Venture CapitalTASLY Holding Group, DT Capital Partners, among othersSocial Infrastructure
QichachaSuzhou*14 millionCWindRichen CapitalTechnology
CloopenBeijing*14 millionDProspect Avenue CapitalV Fund, Steppe Capital, Sequoia Capital ChinaTechnology
EasyLinkinWuhan*14 millionCChina ComServiceMegvii, Bojiang Capital, China Growth CapitalTechnology
Lehe Food GroupGuangzhou14 millionB+Longzhu Capital (Meituan-Dianping)Guangdong Hezhi Investment ManagementE-Commerce & Internet Economy
MerckShanghai14 millionStrategic InvestmentM Ventures, China Innovation HubTechnology
KuanDeng TechnologyBeijing14 millionA+Yihang FundsTechnology
Titan ScientificShanghai14 millionStrategic InvestmentEastern Bell CapitalTechnology

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.