Wangdiantong, a Chinese retail cloud service provider, has secured $14.48 million in funding from a China-focused venture fund launched by private equity firm TPG and SoftBank Ventures Asia, the company said in a statement on Wednesday.
TPG and SoftBank Ventures Asia had launched a $300-million China fund, China Ventures Fund I, last year.
Founded in 2012, Wangdiantong is a tech-driven SaaS-based cloud service provider, offering retail customers business solutions ranging from warehousing, procurement, ordering, and the after-sales service.
Wangdiantong chief executive Xiao Bin said in a statement that the financing will be used to improve services value and expand the company’s retail digital solutions. The company will also use the funding to seek high-quality talent in the industry.
In the past seven years, Wangdiantong claims to have served several conglomerates, including global pharmaceutical and consumer goods company Johnson & Johnson, Chinese food processing company COFCO, and China Mengniu Dairy Company.
The TPG-SoftBank Ventures Asia joint fund was reported to have bagged the backing of South Korea’s biggest internet company Naver. The fund targets promising early-stage startups in China in a number of sectors including artificial intelligence, deep tech, media and contents.
TPG Capital closed its seventh Asia private equity fund in February this year with over $4.6 billion in capital commitments.