Chinese HR SaaS player Beisen gets $100m Series E

The proceeds raised will be used to support product development and staff recruitment, as well as to drive business innovation and expand the customer base, said Guowei Ji, the CEO and founder of the company.

Founded in 2002, Beisen mainly provides general and customized HR-related software that covers the entire recruitment and retention cycle, including qualification and performance reviews, talent database building, employee welfare programs, and training. There are also platform-as-a-service (PaaS) products that enable companies to outsource their whole HR management infrastructure.

As of October, Beisen had more than 5,000 corporate clients, including financial institutions and property developers. It claims to be the only domestic HR software specialist with SaaS and PaaS capabilities. China’s HR outsourcing services industry was worth $4.2 billion in 2017 and is growing at a rapid pace, according to Chinese consultancy Zhiyan.

Beisen first received VC backing from Shenzhen Capital Group and Tianjin Venture Capital in 2010. Matrix Partners China and Sequoia Capital China joined the next two rounds, which closed at $10 million and $17.8 million in 2013 and 2015, respectively. AVCJ Research’s records show that Tianjin Venture Capital and other investors committed $2.91 million last year, shortly before Genesis and Matrix put in $26.1 million.

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• Topics
• Greater China
• Technology
• Expansion
• China
• Matrix Partners
• Sequoia Capital