Internet group Tencent and hedge fund manager Tiger Global Management co-led a RMB398m ($59.2m) series C round for China-based e-signature platform developer Fadada yesterday.
The round also included venture capital firm Vision Plus Capital and asset manager Ares Management. It was announced on Fadada’s WeChat account.
Founded in 2014, Fadada operates a software platform that enables users to sign legally-binding documents online. Users can also access legal consultation, online arbitration and judicial appraisal services through the platform to help solve disputes.
The software has been used by to sign more than 1.2 billion electronic contracts for 130 million users in industries such as financial services, travel, real estate, healthcare, logistics and human resources.
The series C funding will be used to expand the company’s headcount, further develop its platform and strengthen its customer services capabilities.
VC fund Peeli Ventures had led a series B round for the company sized at about $9m in 2016, according to China Money Network, after Harmony Investments had led its $2.2m series A round earlier in the year.