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Eight Roads leads $30m round for China's QuanCheng

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Eight Roads, an investment arm of Fidelity International, has led a $30 million Series B round of funding for QuanCheng, a Chinese software-as-a-service (Saas) start-up that specializes in expense management.

ClearVue Partners - which led the company's Series A round - and Arbor Ventures also participated. Zhenghecixi Capital, a VC firm founded by several Chinese entrepreneurs, was another early investor.

Founded in 2013, QuanCheng has developed two B2B products: Shangyantong, which covers business dining and entertainment procurement management; and Quanchengfeikong, an expense management tool. It claims to work with dozens of Fortune 500 companies on internal controls relating to corporate entertainment, conference management, business trip expenses, and vendor management.

The company will use the new capital to develop its team and its products and user experience so as to meet clients' evolving needs. Will Chen, managing partner at ClearVue, said QuanCheng has the potential to become a Tmall-like platform for B2B procurement.

Renkun Chai, CEO of QuanCheng added: "We believe this financing reflects both confidence and enthusiasm for our China industry-leading SaaS expense management products."

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