Tencent-backed XiaoETong bags $120m in a Series D round led by IDG Capital

XiaoETong, a Chinese business services platform backed by tech giant Tencent, has secured $120 million in a Series D round of financing led by the asset management firm IDG Capital, as per a company statement on Tuesday.

The funding round also saw participation from investors including private equity firm Hillhouse Capital’s venture unit GL Ventures, Qiming Venture Partners, and GGV Capital.

China Renaissance, the investment bank that recently facilitated the transactions for Yaoshibang, HiFiBiO Therapeutics, and Dingdang Health, served as the exclusive financial advisor for the deal.

XiaoETong will allocate the fresh proceeds for R&D of products and technology, operations, and service supports, it said in the statement.

The Shenzhen-based XiaoETong creates software-as-a-service (SaaS) applications that deliver innovative content and other digital solutions. With a focus on Tencent’s WeChat platform, it helps clients maximise digital operations such as brand marketing, sales network, and online community support.

As of June 10 this year, XiaoETong has served over 1.6 million registered customers including Tencent University, travel services agency Caissa Touristic, New Oriental Education, and China Asset Management. 

XiaoETong had secured ‘tens of millions of US dollars’ in a Series C round of financing from Tencent in October 2020. In 2019, it had also garnered a 100 million yuan ($16 million) Series B round from New York-listed Chinese edtech player TAL Education Group.

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.