China’s Xforceplus raises nearly $200m in Series C led by Temasek

Shanghai, China

Xforceplus Information Technology has raked in $200 million in its Series C+ and C++ rounds of financing, per an announcement.

This brings the total corpus raised by the IT company in its Series C round to about $200 million.

In October 2019, Xforceplus secured nearly $100 million in the first tranche of Series C round led by Singapore state investor Temasek Holdings that also saw the participation of existing investors Hillhouse Capital and Eastern Bell Capital.

The latest round of funding saw the participation of Dragoneer Investment Group, a US global investment major that has investments in Snowflake, Alibaba, ByteDance, Airbnb, Uber, and Slack, alongside MSA Capital, a Chinese private equity and venture firm with over $1.5 billion under management, and Huatai Securities’ Huatai Innovative Investment.

China’s leading investment bank Taihecap facilitated the transaction.

Established in 2015, Xforceplus offers supply chain information collaboration and VAT invoice management to enterprises through its internet and cloud-based software services. Xforceplus’s flagship product Yipiaotong, which claims to be China’s largest invoice transaction integrated cloud platform, can help business entities improve tax risk control.

The Shanghai-based Xforceplus has served over 150 global conglomerates in areas such as real estate, consumption, logistics, among others, and include names like Wanke Group, Walmart, McDonald’s.

“Xforceplus will use the newly-injected funds to acquire more core clients and their upstream and downstream supply chain clients, to pursue in-depth cooperation with the world’s top consulting firms and leading financial institutions, and to enhance the investment in our R&D, product capabilities and talent,” said Xforceplus CEO founder Will Woo in the statement.

Xforceplus’s other backers are Ivy Capital, Yonghua Capital, Danhua Capital, and Fortune Fountain Capital, among others.

 

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.