China-based expense management technology developer Fenbeitong raised $92.5m yesterday in a series C round co-led by internet group Tencent and GL Ventures, hedge fund manager Hillhouse Capital’s venture capital unit.
The round also featured Eight Roads Ventures, a subsidiary of financial services and investment group Fidelity, as well as Glade Brook Capital, IDG Capital and Ribbit Capital. Fenbeitong said its overall funding has now reached RMB1bn ($154m).
Founded in 2016, Fenbeitong has built a software product that helps enterprise customers manage work-incurred expenditures and reimbursements through a mobile app, online platform and other budget and spending management tools.
The company will use the funding to double headcount on its research and development team over the next three months.
Eight Roads Ventures, Glade Brook Capital and Ribbit Capital had co-led a $36m series B-plus round for Fenbeitong in March 2020, investing with payment and lending services provider CreditEase’s FinTech Investment Fund, BitRock Capital, China Growth Capital and IDG Capital.
Asset manager Bojiang Capital led the company’s $12.4m series B round in mid-2019, which came after a $6.1m series A-plus round co-led by CreditEase FinTech Investment Fund and IDG Capital and backed by China Growth Capital two years before. IDG Capital had also led its $4.6m series A round in 2016.
Ma Danying, managing director at Tencent Investment, said: “Through the internet platform, Fenbeitong has built a new generation of enterprise expenditure management ecosystem.
“On the one hand, Fenbeitong has achieved efficient and convenient management of corporate financial expenses and solves the actual pain points of small and medium-sized enterprises; on the other, it has made the expenses experience better for corporate employees.” (Translated from Chinese by Global Corporate Venturing)
