China’s Beisen gets Series B funding from Matrix, Sequoia
Beisen, a Chinese supplier of HR evaluation and testing tools and services, has received $10 million in Series B funding from Matrix Partners and Sequoia Capital. It comes three years after the company’s first-round of financing, which saw Shenzhen Capital Group and Tianjin Venture Capital commit an undisclosed sum.
The new funding will be used for product development, with Beisen having introduced a cloud-based platform that offers integrated recruitment, evaluation and talent management services. According to CEO Weiguo Ji, the company has been profitable since it was founded in 2002 and has seen annual growth of 100% in recent years.
"The human resources and recruitment industry has been important to Matrix for a long time and we are always looking for innovations that can be developed into industry leading companies," said Lingye Zou, a partner at the VC firm. "Beisen has extensive experience in talent assessment, and after launching its SaaS-based recruitment platform in 2010, the company continues to develop as anticipated."
Yue Ji, a partner at Sequoia, added that the recruitment software management market will continue to see rapid growth as companies place more emphasis on delivering internal management efficiencies.
Beisen, which has a staff of 500, targets medium- to large-size companies. These firms typically hire large numbers of people but see recruitment efforts undermined by a lack of uniform standards across branches and problems getting different departments to work together. Beisen pitches itself as an end-to-end outsourcing solution, from resume management to initiation interviews.
Its clients include the likes of COFCO Group, China Mengniu Dairy, PayPal and 360Buy.
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