China’s Huisuanzhang, a SaaS-based corporate accounting and tax management platform, has secured $80 million in a Series D round of financing from undisclosed investors, per its announcement on Monday.
Investment bank Cygnus Equity served as financial advisor for the deal, it said in a WeChat post.
The platform will invest the funding proceeds to grow its portfolio of financial services.
Managed by Beijing Kungeek Technology, Huisuanzhang delivers financial services such as tax audit, accounting and business registration to small-to-medium enterprises.
Since its inception in 2015, Huisuanzhang claims to have served over 850,000 corporate clients including Dongfeng Motor Corporation, Chery Automobile, and beverage brand OCOCO International.
Chinese smartphone giant Xiaomi Corporation, through its Tianjin-based investment subsidiary, is the largest shareholder in Huisuanzhang with a 19.49% stake. Gaocheng Capital holds 14.39% equity interest.
Huisuanzhang had completed its $60-million Series C+ round led by Sunshine Insurance Group with the participation of returning investors Xiaomi Corporation and Gaocheng Capital in April 2020.
Back in September 2018, Xiaomi and Gaocheng also partnered to invest ‘tens of millions of US dollars’ in the firm’s Series C round.
Earlier that year, Xiaomi together with Harvest Fund Management’s private equity investment arm Harvest Investment had invested 200 million yuan in Huisuanzhang’s Series B+ round.
Huisuanzhang’s other backers include IDG Capital, China Soft Investment Group, state-backed Shenzhen Guozhong Venture Capital Management and Tsinghua University’s affiliate THG Ventures.