Nanjing-based e-invoicing supply chain platform Tcpjw.com has raised 150 million yuan ($21 million) as part of its Series B, B+ rounds from MatrixPartners China, DCM and top asset management firm Huagai Capital, according to a company statement on Tuesday.
The current round comes after Tcpjw secured ‘tens of millions of dollars’ in its Series A round from Bamb Capital and HK-listed home furnishings & building materials group China Lesso Group Holdings Limited in August 2018.
Tcpjw, founded in 2012 and managed by Jiangsu Yincheng Network Technology, is one of the largest e-invoicing supply chain platforms in China. Using big data, cloud and fintech innovation, Tcpjw creates a transparent online trading platform for enterprises to manage efficiency.
Besides, Tcpjw also cooperates with banks and third-party payment platforms to secure transactions.
As of 2019, the company generated about 2 trillion e-invoicing tickets while it claims to have helped reduce costs by 1.4 billion yuan ($200 million) for China’s small to medium-sized enterprises.
Founding proceeds will be used to upgrade its online platform and to expand its market.
CHINA DEAL MONITOR
DealStreetAsia has also put together a table listing out all prominent venture capital transactions in the Greater China region on March 17, 2020.
