Internet group Tencent co-led a RMB1bn ($141m) series B round for China-based digital invoicing services provider Hainan Golden Technology today, China Money Network reported.
Venture capital firm Shenzhen Capital Group, alternative asset manager CDH Investment and a vehicle called China Investment and China Finance Fund co-led the round, which included conglomerate Wanda Group, Hillhouse Capital, IDG Capital and Prometheus Capital.
Hainan Golden provides electronic invoicing services, using big data technology to issue, receive, manage and verify invoices based on transaction paperwork, payment vouchers, invoice documents and identification cards, and has built a dedicated software platform called WeTax.
The series B proceeds will be channelled into research and development, concentrating on big data, cloud computing and blockchain technology.
The company is also exploring the development of digital invoicing technology tailored for specific industries, and in particular a tool for messaging app WeChat that will cater to the transportation sector.
The round is the fifth to be closed by Hainan Golden according to China Money Network, which reported that it had received RMB1bn from CDH Investment, IDG Capital and Hillhouse Capital in 2018 following RMB200m from unnamed investors the year before.
