Cloud-based software company Shanghai Xforceplus Information Technology Co., Ltd. officially announced on Thursday that it has secured nearly US$100 million in a series C funding round led by Singaporean sovereign wealth fund Temasek Holdings Private Limited.
Investment management firm Hillhouse Capital Group and supply chain-focused fund Eastern Bell Capital also participated in the round.
Proceeds will be used to accelerate the company’s strategic layout of enterprise collaboration services and optimize its products and skills.
Founded in 2015, Xforceplus Information is a SaaS (software as a service) firm that provides data services and solutions to corporation collaboration.
Xforceplus Information provides a cloud-powered sharing platform that allows one company and its supplier to uniformly process the input and sales invoice in a program, which improves management efficiency and reduces execution costs and the risk of decentralized operation and manual operation.
The partner of Hillhouse Capital Huang Liming said, "Xforceplus Information has built up a collaboration service platform by combining technology, data, intellectualization, and industrial applications."
Enterprise collaboration is a system of communication among colleagues or cooperate employees. It allows them to work on projects from different geographical locations. Collaboration services are like ordinary social media platforms, but a little more advanced and with more features suited for professional communication. Most such software is tailored to suit the fast-paced nature of business communication.
The company’s portfolio includes retail company Walmart, real estate company Vanke, Chinese state-owned conglomerate China Resources, China’s technology giant Alibaba Group.
Wu Yu, founder and chief executive officer of Xforceplus, said in an interview with Chinese media outlet 36Kr, "The Internet that connects people around the world has been well developed, such as Wechat and Facebook, while B2B (business-to-business) is in the primitive stage. A world-class enterprise in this field has not yet come out."