Ant Financial, the payment and financial services affiliate of e-commerce firm Alibaba, co-led a $100m series C round for China-based electronic signature platform developer Tsign on Saturday.
The round was also co-led by venture capital firms Gobi Capital and Eminence Ventures, and it increased the company’s overall funding to about $131m according to China Money Network.
Founded in 2002, Tsign has built an e-signature platform it claims serves almost 2.9 million enterprise customers, facilitating contracts in areas such as finance, e-commerce, copyright protection, human resources, online services, legal transactions and supply chain deals.
Although the round represented Ant Financial’s first investment in Tsign, the company had already integrated its product with a range of Alibaba and Ant Financial services including digital payment platform Alipay.
Tsign’s last round was a $23.1m series B-plus round in January 2018 led by asset manager Shenzhen Qianhai Wutong M&A Fund Management that included THG Ventures, which is backed by Tsinghua University’s Tsinghua Holdings vehicle, China Money Network reported.
VC firm Oriental Fortune Capital reportedly led a $6.4m series A round for the company in 2016 that followed $1.4m in pre-series A funding from investors including Zheyin Jiyou Investment Management the previous year.
