Lakala Funds Lead $10M Round In Office IT Leasing Firm Edianzu

Funds affiliated with Lakala, a Beijing-based third-party payment firm backed by Legend Holdings, has led a RMB70 million (US$10 million) pre-B financing round in Edianzu, an enterprise IT and office desktop leasing start-up.

Existing investors Matrix Partners China and Shunwei Capital also participated.

The company previously raised RMB6 million angel investment in May 2015 from Angel Plus, a Chinese angel investment fund co-established by the founder of Chinese education giant New Oriental Education, and US$4.5 million in series A round in October 2015 led by Matrix Partners China and Shunwei Capital.

Edianzu, established in March 2015, provides IT, office desktop and office equipment leasing for small and medium-sized enterprises. Its customers include International Ltd, China’s largest online dating platform, and Litsoft, an IT services company under Legend Holdings.

Lakala, founded in 2005, currently provides credit card acquiring and electronic payment services in over 300 cities in China. Its attempt to a back-door listing through a reverse merger with Tibet Tourism earlier this year was unsuccessful due to tightening regulation over this type of transactions.

The company restructured and planned to file an official initial public offering application with the Chinese securities regulator in December 2016.