China enterprise SaaS provider raises $45m from Sequoia

It is the third tranche a Series B round. A total of RMB250 million was raised across two tranches last year from the likes of Vision Plus Capital, Blue Lake Capital and Jiahai Capital. Jushuitan received RMB50 million in Series A funding from Value Capital, Ameba Capital and Welight Capital in 2016. The latter two investors also backed a RMB15 million pre-Series A in 2015.

Founded in 2014, Jushuitan operates an online platform that allows e-commerce operators to manage orders, inventory and logistics. It helps to standardize operating processes with a view to reducing costs while improving efficiency. The company claims to have generated RMB200 million in revenue in 2017 and more than RMB300 million in 2018. It expects to make a profit this year.

“Sequoia China has been paying attention to companies in the field of enterprise services for long. We believe some leading B2B players are set to emerge from this industry. Jushuitan has earned a good reputation over the past years, and we believe it will continue to serve more of China’s over one million e-commerce operators,” said Kui Zhou, a partner at Sequoia China.

China’s SaaS market was worth $1.3 billion in 2017, making it the second largest in the world, according to IDC. It is expected to grow by 37.5% over the next five years, reaching $5.8 billion. Other recent activity in this space includes a RMB180 million Series B for smart recruitment solutions provider Moka.

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• Topics
• Greater China
• Expansion
• Technology
• Early-stage
• China
• TMT
• Sequoia Capital