China-headquartered smart retail software provider Huice has received almost $100m in series C funding from investors including telecommunications and internet group SoftBank, Asian Venture Capital Journal reported on Wednesday.
Singaporean sovereign wealth fund GIC led the round, which also featured Legend Capital, the venture capital firm formed by conglomerate Legend Holdings, and hedge fund manager Hillhouse Capital’s VC arm, GL Ventures. SoftBank took part through its SoftBank Ventures Asia unit.
Formerly known as Wangdiantong, Huice provides software that helps retail stores digitalise their operations and make them run more efficiently, offering tools covering areas such as enterprise resource planning (ERP) and big data analysis.
The funding will go to strengthening the company’s ERP technology, increasing headcount and expanding internationally.
The China Ventures Fund I fund formed by SoftBank Ventures Asia (then SoftBank Ventures Korea) and private equity group TPG’s growth equity subsidiary, TPG Growth, provided more than $14.5m in series A funding for Huice in May 2019.
Legend Capital subsequently led a RMB162m ($22.8m at contemporary rates) series B round for the company in May this year, according to Tech in Asia. Its earlier backers also include Ningbo Weijia Investment, DealStreetAsia stated.
