GPs commit $15m Series B to China's Ekuaibao

Founded in 2014, Ekuaibao provides solutions for enterprises to manage their procurement costs and approve employees’ reimbursement requests via an online platform and a mobile app. Its platforms connect to a number of external e-commerce and services companies in order to create a more accurately and timely record of employee expenditures via those platforms.

In addition, the company allows clients to verify the authentication of invoices submitted by employees and supports real-time reimbursements as it is connected to more than 50 Chinese banks’ payment systems. It claims to have served more than 156,000 corporates, of which around 1,000 are paying customers.

“Using various approaches to increase the operational efficiency of enterprises in China is going to be a major trend for the next five to ten years. We are very bullish on Ekuaibao as it falls under this category,” said Mingming Huang, founding partner of Future Capital.

China’s reimbursement software market is currently valued at RMB1 billion ($147 million) and expected to experience significant growth as corporate players focus on cost control amid a slowing Chinese economy. Ekuaibao will use the fresh capital to expand its sales network and enhance its current product offerings, while an IPO is also on the agenda after it achieves a certain level of scale in the next two to three years.

The company previously raised several million renminbi from China Renaissance K2 Ventures in an angel round, and Future Capital and IT services provider invested RMB13 million in a pre-Series A round in 2015. In 2016, it raised a further RMB30 million in Series A funding from DCM.

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