Tencent leads $40m round for China CRM platform Xiaoshouyi
Xiaoshouyi, a China VC-backed customer relationships management (CRM) platform, has raised a RMB280 million ($40 million) Series D round of funding led by Tencent Holdings.
Existing investors including Sequoia Capital, Matrix Partners and ZhenFund also participated. The new capital will be used to expand the company's offerings and product development team, in an effort to enhance its ability to provide platform-as-a-service (PaaS) cloud solutions, Yanze Shi, Xiaoshouyi's founder, told a press conference.
Founded in 2011, Xiaoshouyi provides software-as-a-service (SaaS) software solutions through which customers manage sales, customer data and marketing functions. In April of last year, it launched a PaaS-based cloud computing model, enabling users to develop applications according to their needs through an open source platform. Xiaoshouyi hosts the hardware and software, so there is no need for users to install them.
Clients come from the financial services, media, education, healthcare and technology sectors. They include Taikang Life Insurance, Focus Media and China Auto Rental.
Xiaoshouyi previously received seed funding from Cloud Angel Fund - an early-stage cloud computing and big data investment vehicle set by several VC investors - in 2012. Sequoia provided an undisclosed amount in Series A and Series B funding in 2013 and 2014. Matrix Partners then led a $15 million Series C round in 2015, followed by an extension round worth RMB100 million last year.
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