Xiaoetong, the China-based enterprise software provider that counts internet group Tencent and educational services provider TAL Education among its investors, has raised $120m in series D funding, Kr Asia reported yesterday.
Venture capital group IDG Capital joined hedge fund manager Hillhouse Capital and VC firms GGV Capital and Qiming Venture Partners to provide the funding.
Founded in 2016, Xiaoetong has built a business management software platform with more than 1.6 million registered customers that helps organisations manage marketing and branding, digital traffic management and online sales from a single point.
Tencent provided an eight-figure dollar amount for Xiaoetong in October 2020 through its series C round, according to DealStreetAsia, and the company’s software is designed to be able to integrate with Tencent’s messaging app, WeChat.
The cash has been earmarked for research and development as Xiaoetong looks to enhance its platform, in addition to supporting the growth of its operations team. TAL Education had supplied roughly $16m in series B funding for it in 2019, DealStreetAsia stated.
Fan Xiaoxing, co-founder and chief operating officer of Xiaoetong, told 36Kr: “Xiaoetong’s goal is to serve as a bridge between enterprises and users to create a shared digital [chief technology officer] for businesses.”
