Wangdiantong, a China-based cloud services provider for retailers, has received more than RMB100m ($14.5m) in funding from a vehicle backed by internet and telecommunications conglomerate SoftBank, China Money Network has reported.
The money came from China Ventures Fund I, a $300m vehicle formed in September 2018 by SoftBank Ventures Korea, the South Korea-based corporate venturing arm of SoftBank, and TPG Growth, a subsidiary of private equity group TPG.
Founded in 2012, Wangdiantong operates a cloud-based platform that enables sellers on e-commerce portals such as Taobao, Amazon and Tmall to manage and automate aspects such as inventory management and after-sales support.
The company claims to have served more than 100,000 clients to date, including industrial group 3M, beverage producer Budweiser and medical conglomerate Johnson & Johnson.
The funding will allow Wangdiantong to upgrade its offering, hire additional staff and develop new products. It had previously secured a seven-figure dollar sum in a series A round, according to China Money Network.
