China-based customer relationship management (CRM) software producer Xiaoshouyi raised $120m in series E funding from internet group Tencent yesterday.
Founded in 2011 and also known as IngageApp, Xiaoshouyi develops software products that enable corporate sales teams to find potential customers, pursue promising leads and evaluate their sales performance, relying on big data, artificial intelligence and internet-of-things technologies.
The company offers specific CRM products for different markets but has recently launched cross-sector, cloud-based CRM software in collaboration with Tencent, which hopes to lend Xiaoshouyi technological and operational expertise together with its investment. Xiaoshouyi has now raised more than $208m in total.
The corporate led Xiaoshouyi’s RMB280m ($40.5m) series D round in early 2017, investing alongside Sequoia Capital China, Matrix Partners China and ZhenFund, before reportedly adding approximately $15.9m of series D-plus funding through its Tencent Ventures unit in March 2018.
Xiaoshouyi had raised $15.4m in a 2016 series C-plus round that was led by Matrix Partners China and backed by ZhenFund, after closing a $15m series C round the year before that included Matrix and existing backer Sequoia China.