New York-based investment firm Tiger Global Management and gaming giant Tencent have co-led a RMB398 million ($59.26 million) Series C financing round into Fadada, a Chinese online electronic contracts platform, according to a China Money Network report.
Other investors including global alternative asset manager Ares Management and Chinese venture capital firm Vision Plus Capital also participated in this round.
Fadada, also known as Shenzhen Fadada Network Technology Co., was founded in November 2014 to operate a SaaS (software as a service) platform, offering services of online electronic contracts signature, electronic documents signature, evidence custody and other related electronic signature SaaS services.
Tiger Global Management raised its last fund, Tiger Global Private Investment Partners X, in December 2015 with a corpus of $2.5 billion.
Its 11th fund will specialize in technology investments like consumer internet, cloud and industry-specific software. It will also focus on direct-to-consumer firms in the U.S., India and China.
Meanwhile, China’s Tencent Holdings said recently that it will not scale back on investments this year after a record high of 16 companies it invested in launched IPOs last year.
Tencent invested in more than 700 companies in the past 11 years, and 63 of those are now listed, while 122 are valued at more than $1 billion, President Martin Lau told Reuters.