Huisuanzhang, a China-based online accounting platform developer backed by insurance firm Sunshine Insurance and consumer electronics producer Xiaomi, raised $80m in series D funding from undisclosed investors on Saturday.
Founded in 2014 as an affiliate of accounting group Beijing Kungeek Technology, Huisuanzhang has built a corporate finance software tool which helps organisations with tasks including business registration, taxes, bookkeeping and licence management.
The company’s customers include some 850,000 small, medium and micro-sized enterprises operating across more than 20 industries including catering, entertainment, construction, manufacturing, retail and cultural services. The cash will go to expanding its product offering and improving its services.
Sunshine Insurance led a $60m series C-plus round for Huisuanzhang in May 2020, investing alongside Xiaomi and private equity firm Gaocheng Capital, the month after it raised an undisclosed amount from IDG Capital.
Xiaomi already taken part in a series C round for the company in September 2018 sized at in the eight-figure dollar range that was led by Gaocheng Capital.
The corporate had joined online lending platform developer CreditEase in Huisuanzhang’s $62.6m series B round, which closed eight months earlier. It included IDG Capital, 51Xinyongka Industrial Fund and the Tsinghua University-affiliated THG Ventures.
The Chinese state-backed National Small and Medium-Size Enterprises Development Fund had provided an eight-digit yuan (RMB10m = $1.45m at contemporary rates) amount in March 2017, following $22m in series A funding from IDG Capital, China Soft Capital, Jiaxing Lingchuang Fund and Chuanrong Capital two months earlier.
