Apax backs China tax SaaS player Yunzhangfang
Yunzhangfang, a China-based software-as-a-service (SaaS) provider specialising in corporate tax and financial management, has raised close to USD 100m in Series E funding from Apax Partners.
It follows a USD 85 million Series D from Vitruvian Partners in 2019 and an RMB 300m (USD 43.2m) Series C led by Hillhouse Investment in 2018. Hillhouse also participated in a USD 14.8m investment in 2017. Earlier funding of USD 9.7m from AA Investment came across two tranches in 2015 and 2016, according to AVCJ research.
Apax invested through its digital growth strategy, which also backed So-Young International, a Chinese online marketplace focusing on cosmetic surgery that went on to list in the US. The private equity firm closed its second digital growth fund last year at the hard cap of USD 1.75bn.
Founded in 2015, Yunzhangfang initially provided online accounting solutions for small and medium-sized enterprises (SMEs). This service was then expanded to large enterprises, financial institutions, and the vocational education industry through different sub-brands, covering all 36 tax areas in China.
The fresh capital will go towards enhancing the internal operations, strengthening the multi-brand strategy, and product development with a view to driving service upgrades in the bookkeeping industry.
Huisuanzhang, which operates in the same space, raised $60 million in an extended Series C round led by Sunshine Insurance Group in 2020. Other players include Fenbeiting, Huilianyi and Ekuaibao, which all focus on enterprise expense controls.
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