GSR commits $2m to China enterprise management app
GSR Ventures has committed $2 million in a Series A round of funding for Waiqin365, a Chinese customer relationship management (CRM) mobile app.
The app, which was launched by Nanjing-based Zhang Kong Internet Technology last year, allows enterprises to monitor workers' daily attendance in different stores and implement customer services solutions. It also helps companies manage their inventories.
While many CRM apps are focused on technology companies, Waiqin targets traditional enterprises. It now has more than 22,000 customers, including dairy producers, pharmaceutical firms, and food & beverage companies.
Waiqin has offices in Beijing, Shanghai, Chengdu and Shenzhen, with more than 50 employees. Zhao Liu, the company's founder, told local media that he will use the new funding for research and development, marketing and improving user experience.
At the end of last year, Sequoia Capital provided a Series A round of funding for Xiaoshouyi, a Chinese CRM services provider. It previous received seed funding from Cloud Angel Fund - a vehicle set up by China Broadband Capital, Sequoia, Northern Light Venture Capital and GSR Ventures.
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