Chinese enterprise software player Ekuaibao receives $50m

Tiger Global Management led the Series C with participation from existing investors Future Capital and DCM Ventures, while Sequoia Capital China led the extended tranche. The company raised a $15 million Series B round in January led by Mandra Capital.

Launched in 2015, Ekuaibao helps enterprises manage procurement costs and facilitate employee reimbursement requests via an online platform and a mobile app. The system integrates purchasing, reimbursement, payment, and bookkeeping functions. It claims to serve 175,000 enterprises including large corporates such as Greenland Group, Zheshang Securities and Guangzhou Blue Moon.

In China, a major pain point for corporate treasury departments is the management of receipts, for which there is no unified standard. Everything must be verified and recorded manually. Ekuaibao works with a number of e-commerce platforms to create a more accurate and timely record of employee expenditures. Verification and balance sheet entry can happen automatically.

Corporate consumption in China is worth RMB2 trillion per year. Ekuaibao is intended to make activities more transparent and easier to control, as well as speeding up the reimbursement process. To optimize workflow, the company has links with more than 110 banks, major treasury systems offered by Yonyou, Kingdee, SAP, Oracle and Digiwin, and business management software providers such as ERP, OA and CRM.

The company previously received angel funding from China Renaissance K2 Ventures, followed by RMB13 million pre-Series A from Future Capital. In 2016, it raised a further RMB30 million in Series A funding from DCM.

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• Topics
• Greater China
• Technology
• Expansion
• Financials
• TMT
• China
• Sequoia Capital
• Tiger Global Management
• Future Venture Capital