China-based enterprise management software developer Gongsibao has completed a $15m series B round co-led by Nio Capital, the investment firm backed by electric car producer Nio, DealStreetAsia reported yesterday.
The round was co-led by 5Y Capital, the venture capital firm recently rebranded from Morningside Venture Capital.
Founded in 2014 as an offshoot of consulting firm Sinotone Consulting, Gongsibao provides enterprise software that streamlines the process of meeting regulatory obligations such as registration, asset protection and managing taxes.
Each service is individually priced, ranging from just over $15.20 to register a new company to about $4,500 for a licensing application to become a Chinese internet service provider.
The capital will fund research and development in areas such as algorithm and big data development. Proceeds will also go to a recruitment drive in a bid to drive Gongsibao’s growth.
Gongsibao had previously closed a $5.8m series A round in 2017 backed by enterprise management and cloud software developer Yonyou, investment platform Yinxinggu Capital and incubator Dark Horse Ventures, according to DealStreetAsia.