Tencent Eco-Industrial Investment, a subsidiary of internet group Tencent, has led a RMB100m ($15.2m) series B round for China-based integrated marketing software provider Convertlab, DealStreetAsia reported today.
Venture capital firm Lightspeed China Partners also backed the round alongside existing investor Befor Capital, according to a company statement.
Founded in 2015, Convertlab claims to have developed China’s first cloud-based integrated marketing software product. Its DM Hub platform features customer data management, automated online marketing and web analytics tools.
The company’s customers include more than 300 businesses including fashion retailer Uniqlo and truck manufacturer Foton Motor.
Convertlab will use the funding to further develop its technology and products as well as hire new industry talent. It has also launched a cloud marketing product for business-to-business customers.
In May 2019, Convertlabs secured an investment of undisclosed size from financial services firm Shanghai Pudong Development Bank’s private equity investment arm, Puxin Capital. It had joined software provider Microsoft’s Accelerator programme in 2015.