Beijing-based expense management software-as-a-service (SaaS) Ekuaibao has raised USD 50 million in its Series C and C+ rounds of funding, marking the largest fundraising in the digital corporate cost management sector, the company announced today.
The fresh funds will be used to upgrade the platform e-reimbursement services, business expansion, and recruitment, says the firm.
In September, the company announced a USD 30 million Series C round of financing led by US hedge fund Tiger Management, with participation from existing backers including venture capital firm DCM Ventures and Beijing-based early-stage investment firm Future Capital. Furthermore, Sequoia Capital China invested USD 20 million in Ekuaibao’s Series C+ round this month.
Officially launched in 2015, Ekuaibao is currently the top player in China in the digital expense management sector. The startup provides enterprises with one-stop solutions for procurement cost control and employee reimbursement management, to help businesses with decision support and expanse control.
The company serves more than 175,000 enterprises, including real estate developer Greenland Holdings, luxury jeweler Tiffany & Co, and coffee chain Costa Coffee, among others. It also partners with Alibaba’s DingTalk, Tencent’s WeChat, and travel booking platform Tongcheng to support its services.
The digital reimbursement and cost control industry has been drawing attention from investors since 2018, thanks to the companies’ increasing demand for higher efficiency under the slowdown of China’s economic growth and the popularization of the e-invoice technology. Among Ekuaibao’s competitors are US-based SAP Concur, China’s Yunkuaibao and Huilianyi.
The company previously raised USD 15 million in a Series B round financing closed in January, led by investment company Mandra Capital.