AVCJ

Chinese electronic contract services provider raises $59m

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Fadada, a China-based electronic contract services provider, has raised RMB389 million ($59 million) in a Series C round of funding led by Tiger Global Management and Tencent Holdings.

Ares Management and Vision Plus Capital also participated.

Fadada was founded in 2014 and provides services including paperless contracts presented, electronic signatures, and contract storage. It claims to have served more than 2,000 paying corporate clients, many of them in the internet and financial industries, and has logged 1.2 billion signatures for more than 130 million customers.

The company has partnered with a number of large technology firms including Microsoft, SAP, Oracle, Kingdee, Yonyou, and Mingyuanyun.

Fadada raised RMB4 million in Series A funding from Shanghai Fuli Investment Management in 2015. In the same year, Fuli was joined by new investor AV Capital for a RMB15 million round for the company. In 2016, the company raised RMB60 million in a round led by Peeli Ventures, together with HMC Capital, Bojiang Investment Management, and Dalian Yifang Group, according to AVCJ research.

Tiger Global invested in another company engaged in the same space in 2018, leading a Series C round worth RMB358 million for Bestsign.

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