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.