Warburg Pincus backs China-based HR tool developer

This extension brings the total funding raised by GaiaWorks to RMB200 million to date. Matrix joined the Series A round last year, while Genesis led a RMB50 million Series B round in February.

Suzhou-based GaiaWorks develops human resource management solutions that cover employee attendance, payroll, workforce activities and advanced scheduling. Since its founding in 2009, the company has expanded its business to 12 countries including India, Singapore, Malaysia, and Thailand. Its software solutions have been adopted by 400 enterprises. Clients include international retail brands, manufacturing businesses, logistics companies and professional services firms such as Estee Lauder, Gap, Nike, Samsung, and Volkswagen.

“China’s labor market is experiencing a structural transformation. Human resource management has become more complicated for large corporates due to rising labor costs and slowing labor force growth. Demand for better workforce management is increasing,” Gordon Ding, a managing director at Warburg Pincus, said in a statement. “We will make full use of Warburg Pincus’ global experiences and resources to support the expansion of GaiaWorks’ business.”

With the new funding, GaiaWorks will continue to strengthen its product technology and localize its services in different markets.  It will also deepen its cooperation with third-party human resource service providers, with a view to providing better services to its corporate clients.

Late last year, Warburg Pincus closed its first dedicated China fund – which invests alongside the firm’s $13.4 billion global flagship vehicle in China deals – at the hard cap of $2 billion. Last month, the GP led a $60 million Series B round for Chinese robotics company Geek+.

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• Topics
• Greater China
• Early-stage
• Technology
• Support services
• China
• Warburg Pincus Asia
• Matrix Partners
• Growth capital
• Venture
• TMT