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Investment, Venture Capital

Tencent Leads $40M Investment In Salesforce Copycat Xiaoshouyi

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Tencent Holdings Limited has led a RMB280 million (US$40 million) series D financing round in Xiaoshouyi, a Beijing-based customer relation management (CRM) company similar to U.S. software giant Salesforce.

Existing investors Sequoia Capital, Matrix Partners China and Zhen Fund also participated.

Founded in 2011, Xiaoshouyi operates under Renke Hudong (Beijing) Information Technology. Its CRM products help sales professionals identify potential customers, follow up on sales leads, and analyze sales effectiveness.

In April 2016, the company launched a platform as a service (PaaS) product, which allows developers to build applications and services around the platform. Xiaoshouyi has served many public companies in China, including Tasly Holding Group and China Resources Double-Crane.

Previously, the company received a RMB100 million (US$14 million) investment in April 2016 led by Matrix and US$15 million in 2015 from Matrix, Sequoia Capital and Zhen Fund.

Yixiaoshou plans to use the latest proceeds to enhance its research and development team, as well as to improve its PaaS and other business.

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