China Digest: CMC Capital backs SaaS firm Maycur; Jijia nets $28m

Photo by Austin Distel on Unsplash

Software-as-a-service (SaaS) firm Maycur has pocketed 200 million yuan ($30 million) in Series B++ financing from CMC Capital, while Shenzhen Jijia Cross-border Network Technology has garnered 180 million yuan ($28 million) in a Series A round of financing led by Seas Capital.

Maycur bags $30m in Series B++

Maycur, a SaaS developer that helps enterprises manage their financial expenses, announced on Monday that it has raised 200 million yuan ($30 million) in Series B++ round financing from TMT-focused CMC Capital. 

Maycur has so far raised over 400 million yuan ($62 million) in its Series B round of financing. In February this year, it had secured 100 million yuan ($15 million) as part of the round from state-backed GP Capital and Vitalbridge Capital. 

Previously in August 2020, Maycur had also bagged a similar sum in the first tranche of the Series B round from Vitalbridge and Bojiang Capital, per a company statement. 

Proceeds from the funding round will be used to accelerate product and technology development and talent recruitment and ramp up sales and service infrastructure. 

Located in East China’s Hangzhou, Maycur offers cloud-based tools to manage invoices, expense reimbursements, and procurement.

It claims to have served over 2,000 clients including Chinese food products giant Yihai Kerry Arawana Holdings, China Aerospace Science and Technology, auto player SAIC Volkswagen and OPPLE. 

Jijia nets $28m in Series A

Shenzhen Jijia Cross-border Network Technology Limited, a SaaS specialist focused on cross-border e-commerce, has garnered 180 million yuan ($28 million) in a Series A round of financing led by venture capital firm Seas Capital, per a company statement on Monday. 

The fresh round saw the participation of new investors including Hong Kong’s eGarden Ventures, Harvest Fund’s Harvest Capital Management, Hony Capital, as well as Z Capital, an investment firm focused on industrial internet and consumer goods. 

Returning investors Yunqi Partners and Zhuopu Capital re-upped in the round. The two investors had invested 30 million yuan ($4.6 million) in Jijia’s pre-Series A round in March this year. 

Jijia said it will utilise the proceeds from its latest financing for team expansion, product and technology innovation, and market development. 

The company, which was founded in 2017 by CEO Huajun Zhang who worked for intelligent charging solutions major Anker, offers enterprise resource planning (ERP) tools to cross-border e-commerce players operating on platforms such as Amazon. 

Jijia claims to have served more than 1,000 medium and large players.

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.