VCs commit $55m to China CRM player Xiaoke
Xiaoke, a China-based provider of customer relationship management (CRM) software, has raised $55 million in a Series A funding round from Hong Kong-listed Weimob, Sequoia Capital China, Welight Capital, and Creo Capital.
The company was incubated by e-commerce services provider Weimob in 2019. It provides integrated solutions covering the whole CRM process - from customer acquisition, contact, and management through transactions - by applying technologies such as artificial intelligence and big data.
Xiaoke claims to work with thousands of companies across software, accounting and taxation management, human resources outsourcing, financial services, real estate, and education. It has more than 100 agents nationwide, according to a statement.
Weimob believes smart CRM will become a lucrative area over the next decade. The statement cites a report from iResearch Consulting that found CRM accounted for 29% of China's RMB50 billion software-as-a-service (SaaS) industry in 2020.
Weimob will help Xiaoke in product and market development, promoting the application of CRM in helping companies achieve digitalized, intelligent sales management. Meanwhile, exposure to Xiaoke is intended to enable Weimob to broaden its industry coverage.
Tencent Holdings is a key supporter of Weimob, allowing the company to leverage the WeChat ecosystem. However, competitors in the CRM space include Tencent-backed Xiaoshouyi, which raised $120 million in Series E funding in 2019. Xiaoshouyi has launched a customer operations cloud platform in conjunction with Tencent.
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