Shanghai-based QuanCheng has raised tens of millions of US Dollars in a Series B financing round led by Eight Roads along with participation from ClearVue Partners and Arbor Ventures.
Eight Roads, the proprietary investment arm of Fidelity International, has an 18-year track record of investing in the Asia-Pacific region, and was one of the first investors in Alibaba. Arbor Ventures is an early-stage venture capital firm focused on the intersection of financial technology, big data and digital commerce, with an affinity for end markets in Asia, while ClearVue Partners was the lead investor in QuanCheng’s Series A financing round.
QuanCheng, will use the Series B funding to invest aggressively in expanding the already rapid growth of its two B2B products: Shangyantong (business dinning solution and entertainment procurement management) and Quanchengfeikong (QuanCheng expense management and business trip expense management). QuanCheng has established long-term partnerships with dozens of global Fortune 500 companies in China and hundreds of domestic Chinese companies.
“We are extremely pleased to have three highly-respected, exceptional investors participate in our Series B funding,” says Chai Renkun, CEO of QuanCheng. “We believe this financing reflects both confidence and enthusiasm for our China industry-leading SaaS expense management products,” he said. “The additional capital from this financing gives us the means to fully execute on our China growth strategy, by grooming our team, optimising our product and service experience so as to meet our client’s business needs.”
"We believe that QuanCheng is leading a very exciting space – and we believe it will become a Tmall-like platform for B2B to complete procurement,” says Will Chen Managing Partner of ClearVue Partners.
