China-based financial planning technology developer Huisuanzhang has raised RMB150m ($22m) in funding from investors including IDG Capital, an investment affiliate of media company International Data Group, China Money Network reported on Friday.
Venture capital and asset management firm China Soft Capital, Jiaxing Lingchuang Fund and Chuanrong Capital also participated in the round.
Founded in 2014, Huisuanzhang operates a cloud platform and mobile apps that offer features such as bookkeeping, invoicing and tax planning tools to domestic small and medium-sized enterprises.
The capital will go towards product development and will help boost profit margins for Huisuanzhang’s partners. The company hopes to establish an accounting firm network as it aims to grow to 300,000 clients across 150 cities.
Zhang Shugang, founder of Huisuanzhang , said: “Huisuanzhang aims to provide standard services on enterprise financial and tax services. We will also explore the development of derivative services to our users.”