Chinese electronic signature platform gets $52m Series C

Matrix Partners China, DCM Ventures, and Morningside Ventures – which backed BestSign’s RMB100 million Series B in March – all re-upped. The company said in a statement that it has now raised RMB525 million across five rounds. Matrix provided seed funding in 2015 and then returned with DCM for the Series A later the same year. An extended Series A, which also featured Shunwei Capital, closed in 2016.

The Series C comes four months after DocuSign, a US-based company that also creates software to automate business agreements and electronic signatures, raised $629 million in IPO. The NASDAQ-listed business now has a market capitalization of $9.9 billion.

Founded in 2014, Bestsign claims to have been the first mover in China’s electronic signature space, which enabled it to build up a one-third market share. The company has 11 million signatures logged on behalf of more than 500,000 corporate customers. Its platform is capable of processing 4,000 signatures per second and supporting 300 million transactions per day.

Clients include China UnionPay, China Bank of Communications, Lenovo, Volvo, Geely, Meituan-Dianping, TCL, Renrenche, and Yonghui Superstores.

Min Wan, Bestsign’s CEO, said the new funding would go towards investments in blockchain and artificial intelligence (AI) technology with a view to providing services that are even more secure and convenient. The company introduced its first blockchain electronic contract management solution in April.

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• Topics
• Greater China
• Technology
• Expansion
• China
• Tiger Global Management
• Matrix Partners
• DCM-Doll Capital Management
• Morningside Technologies
• Growth capital