Oceanpine Capital investee company——Xforceplus Information Technology has raked in $200 million in its Series C+ and C++ rounds of financing. This brings the total corpus raised by the IT company in its Series C round to about $200 million.
In October 2019, Xforceplus secured nearly $100 million in the first tranche of Series C round led by Singapore state investor Temasek Holdings that also saw the participation of existing investors Hillhouse Capital and Eastern Bell Capital.
The latest round of funding saw the participation of Dragoneer Investment Group, a US global investment major that has investments in Snowflake, Alibaba, ByteDance, Airbnb, Uber, and Slack, alongside MSA Capital, a Chinese private equity and venture firm with over $1.5 billion under management, and Huatai Securities’ Huatai Innovative Investment. China’s leading investment bank Taihecap facilitated the transaction.
Established in 2015, Xforceplus offers supply chain information collaboration and VAT invoice management to enterprises through its internet and cloud-based software services. Xforceplus’s flagship product Yipiaotong, which claims to be China’s largest invoice transaction integrated cloud platform, can help business entities improve tax risk control.
The Shanghai-based Xforceplus has served over 150 global conglomerates in areas such as real estate, consumption, logistics, among others, and include names like Wanke Group, Walmart, McDonald's.
Xforceplus will use the newly-injected funds to acquire more core clients and their upstream and downstream supply chain clients, to pursue in-depth cooperation with the world’s top consulting firms and leading financial institutions, and to enhance the investment in our R&D, product capabilities and talent,” said
Xforceplus CEO founder Will Woo in the statement.
Xforceplus’s other backers are Ivy Capital, Yonghua Capital, Danhua Capital, and Fortune Fountain Capital, among others.
Source:Xforceplus
