China-based payroll software provider eRoad Software, which counts quantitative trading firm Susquehanna International Group (SIG) as an investor, has received more than RMB200m ($28.5m) in series C3 funding, DealStreetAsia reported yesterday.
Investment banking firm China Renaissance provided the capital through its Huaxing Growth Capital subsidiary and the transaction took the company’s total funding to more than $85m, according to a company statement cited by DealStreetAsia.
Founded in 2004, eRoad produces software tailored for large businesses, helping them to effectively manage payroll as well as taxes, social security and company benefits. It claims to have secured some 3,000 companies as customers.
The company last raised money in January this year when Eastern Bell Capital led a $14.3m series C2 round that included SIG subsidiary SIG Asia Investments, Hillhouse Capital, Ivy Capital and GAH.
SIG Asia had led eRoad’s $29m series C1 round six months earlier, investing alongside Hillhouse Capital. Its earlier backers include Hillhouse, real estate developer Future Land Development and Hanghzhou Shenghui Investment.
