Chinese corporate expense management platform Huilianyi has closed 300 million yuan ($42 million) in a Series C+ round of financing led by Huaxing Growth Capital, while Sequoia Capital China has led a Series A round of financing worth 100 million yuan ($14 million) in digital procurement solutions provider Sunyur Network.
Huilianyi secures $42m
Huilianyi, a Chinese business travel and expense reimbursement solutions developer also known as Cloud Helios, has closed 300 million yuan ($42 million) in a Series C+ round of financing led by Huaxing Growth Capital, the private equity arm of Chinese investment bank China Renaissance.
Softbank China Venture Capital (SBCVC), Chinese venture capital fund Blue Lake Capital, and Shanghai-based Z Capital, which mainly invests in big data and entertainment sectors, participated in the Series C+ round, according to a statement on March 29.
Introduced in 2016 by Shanghai Zhenhui Information Technology, Huilianyi connects business travel and expense service providers with the internal finance, expense control, HR, and other management systems of its corporate clients. The company is specialized in expense, reimbursement and financial management, connecting the end-to-end corporate management process and making expense control more compliant and transparent.
The developer, Zhenhui, is an affiliate of Shenzhen-listed IT service management firm Hand Enterprise Solutions.
Huilianyi has served over 1,000 corporate clients, such as Beijing-based ride-hailing giant Didi Chuxing, Chinese conglomerate Fosun, heavy equipment manufacturer Sany, and Watson, Asia’s largest healthcare and beauty chain store.
Proceeds will be used to upgrade the major product Huilianyi, which will focus on delivering one-stop SaaS business travel and expense management solutions to large-scale corporate clients. The company also plans to introduce a new sub-brand, Chaoji Baoxiao, which means “super reimbursement” in Chinese, to target small and medium-sized enterprises (SMEs).
Shanghai-based Huilianyi has expanded operations in Singapore, Malaysia and Japan since it forayed into the international market in 2018. The company will continue to look at overseas opportunities post the Series C+ round.
The company raised 100 million yuan ($14 million) in a Series C round led by SBCVC in December 2018.
In March 2018, the firm received 50 million yuan ($7 million) in a Series B round from SBCVC, Blue Lake Capital, and Z Capital. It also completed a Series A round at 30 million yuan ($4 million) in September 2016, and an angel round worth millions of yuan in August 2016.
Digital procurement solutions provider Sunyur Network raises $14m
Sunyur Network, a Chinese startup that mainly offers digital procurement solutions, has raised 100 million yuan ($14 million) in a Series A round of financing led by Sequoia Capital China.
The company’s existing shareholders including Chinese venture capital companies Vision Plus Capital, Yinxinggu Capital, FreesFund, Huiyou Investment, TMT-focused YI Capital, and an industry investment fund of Shenzhen-listed software firm SiE Consulting, poured money into the investment, according to a statement on March 29.
The Series A round is the third investment closed by Sunyur in the past 15 months, bringing its total fundraising amount to more than 200 million yuan ($28 million).
Sunyur, fully known as Beijing Sunyur Network Technology, was founded in late 2018 to focus on providing digital solutions for the indirect procurement of large and medium-sized enterprises.
Indirect procurement or indirect purchasing is the sourcing of all goods and services for a business to maintain and develop its operations. The goods and services classified under the umbrella of indirect procurement are commonly bought for consumption by internal stakeholders rather than the external customer or client.
Beijing-based Sunyur has offered solutions to clients in the field of automobile manufacturing, electronics manufacturing, technology, cigarettes & tobacco, the internet as well as home appliances. Its corporate clients include Chinese real-estate brokerage platform Beike Zhaofang (Ke.com), Jinan-based home appliances maker Joyoung, Chinese state-owned automaker FAW Group, smartphone brand OPPO, and DJI, the world’s largest producer of consumer drones.
“The new funding will be used to polish our SaaS products, as well as to finance the research and development of APaaS (application platform-as-a-service) and data platforms,” said Miao Feng, founder of Sunyur, in the statement.
The company received 58 million yuan ($8 million) in a Series Pre-A round led by Vision Plus Capital in August 2019, after the company completed an angel round at 39 million yuan ($6 million) in January 2019.