Tencent-backed Chinese marketing solutions provider Yunxi raises nearly $100m

Photo by Campaign Creators on Unsplash

Yunxi Technology, a Chinese startup that offers digital marketing solutions, has secured nearly $100 million in a Series D funding round led by Crescent Point, only two months after the completion its Tencent-backed earlier round.

The Series D round took Yunxi’s total fundraising amount to over $200 million, according to a statement on Friday.

The proceeds will be used for developing new products, building an industry ecosystem, investing in client management, and expanding the client base across its focused industries such as automotive, real estate, consumer brands, retail, and pharmaceuticals. To advance “the value of its platform,” the startup will also seek potential M&A opportunities.

The lead investor Crescent Point, a private equity (PE) firm that invests in the consumer sector in China and Southeast Asia, was joined by financial services firm BOCOM International and Hupan Capital, an Hangzhou-based investment firm led by former Alibaba executives.

Existing shareholders Tencent, Sequoia Capital China, and TMT-focused venture capital (VC) firm Xiang He Capital participated in the round. Investment bank Taihecap served as the exclusive financial advisor.

Founded in 2016, Yunxi uses cloud and big data technologies to develop intelligent digital marketing, supply chain management, customer insight, and service solutions for corporate clients under platform-as-a-service (PaaS) and software-as-a-service (SaaS) models.

Its 200-plus corporate clients include construction firm China Railway Construction Corp, property developer Country Garden, Chinese state-owned automaker SAIC Motor, dairy products manufacturer Mengniu Dairy, snack foods brand Bestore, and home appliances firm Haier Group.

Prior to Tencent’s investment, the startup raised 350 million yuan ($54.4 million) in a Series B round in October 2019.

Earlier than that, it closed 150 million yuan ($23.3 million) in a Series A+ round in September 2018 and almost 100 million yuan ($15.5 million) in a Series A round that February. Its early backers include Alibaba co-founder Jack Ma’s Yunfeng Capital.

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.