China-based employee management software producer WorkTrans has secured more than $190m from investors including internet group Tencent across series C and D rounds, DealStreetAsia reported on Friday.
Tencent took part in a $140m series D round featuring CICC Capital, a private equity fund subsidiary of investment banking group China International Capital Corporation, in addition to unnamed other participants.
The company also raised $50.5m in a series C round led by venture capital firm Sequoia Capital China and backed by undisclosed existing investors.
WorkTrans provides software that uses technologies such as deep learning and cloud computing to help businesses streamline human resources (HR) functions.
The company claims 120,000 companies among its customer base, including financial services group Bank of China, supermarket chain Carrefour China and pharmaceutical company Sinopharm. It will put the cash into product and technology development.
Chu Feng, founder and chief executive of WorkTrans, said in a statement quoted by DealStreetAsia: “China’s cloud-based HR services market is burgeoning in recent years as industry infrastructures continue to improve; new demand surges; and clients’ HR investment grows.”
WorkTrans raised about $6.8m in a 2017 series A round before adding approximately $15.8m in 2018. Qiming Ventures led its $23m series B round later the same year, participating alongside existing investors DCM Ventures and Lightspeed China Partners.
