WorkTrans, a Chinese human resources management software developer, has raised RMB160 million (US$23.03 million) in series B1 round of financing led by Qiming Venture Partners, according to a statement released today on WorkTrans’ website.
The new funding round is claimed to be the highest in China’s human resources management sector. The latest round attracted investments from venture capital firms DCM Ventures and Lightspeed China Partners.
China’s Yiren Capital served as the financial adviser in the round.
Specializing in serving large and medium-sized enterprises, WorkTrans has its clients in a group of labor-intensive industries such as retail, food and beverage, and manufacturing.
The company said that it has provided the intelligent staff shift arrangement service to nearly 200 enterprises as of October 2018, helping them save 11% work time on an average.
WorkTrans counts supermarket chains operator China Resources Vanguard, smartphones contract manufacturer Wingtech Technology, bicycle-sharing firm Mobike and food court chain Food Republic among its customers.
"We stay optimistic to the development prospect of China’s software as a service (SaaS) related industries," said Ye Guantai, partner of Qiming Venture Partners.
"Enterprises need to have more detailed management to lift their work efficiency amid the growing personal income level and the fading demographic dividend," Ye added.
The informatization of China’s human resources management still has a long way to go, said Chu Feng, chief executive officer of WorkTrans.
There is a huge market space awaits to be explored because the total number of enterprises served by all China’s human resources management software providers only reaches a few thousands, Chu added.
The proceeds from the round will be used to help WorkTrans provide more comprehensive human resources management solutions to customers through improvements on a range of activities required to maintain a productive workforce, including workforce scheduling, forecasting and performance management.
WorkTrans will also use the funding to help customers optimize human resources management during current economic downturn and rising labor force cost.
WorkTrans had secured RMB100 million (US$14.39 million) series A round of financing from DCM Ventures and Lightspeed China Partners in February 2018.