Sequoia Capital China-backed software-as-a-service (SaaS) player Jushuitan Network Technology Co. Ltd has secured as much as $100 million in its Series C round of financing led by Goldman Sachs China, per a company statement on Wednesday.
The latest round also saw the participation of CICC Capital’s sub-fund CICC Yangtze River Delta Innovation Fund and its existing investor Blue Lake Capital. Chinese global investment bank Taihecap served as the financial advisor for the deal.
The SaaS player last raised 300 million yuan ($42 million) in its Series B3 round from Sequoia Capital China in January 2019.
Co-founded by Haitong Luo in 2014, Jushuitan is an enterprise resource planning (ERP) SaaS service provider for the e-commerce industry covering functions such as warehouse, supply chain and distribution. Jushuitan claims to have served approximately 500,000 e-commerce companies.
Jushuitan will deploy the proceeds towards product and system innovation, supply chain, overseas market expansion. The company is also targeting to pursue mergers and acquisitions as part of its growth plan.
Based in Shanghai, the company has branches in Hangzhou, Jiaxing, Yiwu and Quanzhou. It also has over 60 offline support networks with services covering around 300 cities in the country.
“China has nurtured competitors in the field of consumer-led internet rivaling global giants such as Amazon and Facebook. However, the country’s development in enterprise service, SaaS, in particular, is falling behind the US by up to 10 years. After in-depth research, we witness that the industry is growing,” Goldman Sachs managing director Mengxi Sun said in the statement.
In 2018, the company raised 100 million yuan ($14 million) in its pre-B round of financing from Vision Plus Capital. Previously, TMT-focused Ameba Capital and Welight Capital invested in the firm’s Series A and angel rounds, respectively. Its backers also include October Venture and Wanlu Fund.