Beijing’s domestic social cloud-based service provider FXiaoKe (also known as Facishare) has raised US$50 million in Series C funding led by DCM, with partipcation from existing investors IDG Capital and Northern Light Venture.
The funding will be used to maintain a fast pace of development and better face the market.
This latest round sees FXiaoKe’s valuation jump four-fold, according to its Chinese-language release. Earlier this year in July, it had raised US$10 million in Series B funding, after a US$3 million Series A in September 2012.
The three-year-old startup says it helps over 50 million small- and medium-sized enterprises (SMEs) easily manage their sales through ‘a socialised interaction form similar to Microblog and WeChat [that] integrates functions of dynamic CRM, enterprise WeChat, attendance checks, logs, approvals, orders, shares, agendas, and other features’.
Speaking in Chinese, Hurst Lin, Managing Partner, DCM said the startup made a deep impression on him with its understanding of the industry and superior execution.
Meanwhile Hugo Shong, Founding Partner, IDG Capital said whether it’s the market, team or product, the startup has all the elements needed for success, and that he is very optimistic about its future.
The startup currently has over 70,000 enterprise clients and is a cooperative partner of Microsoft Cloud Acceleration. It has grown from 50 employees at the start of 2014 to 250 today.
The global enterprise software market grew to US$320 billion in 2014, according to the release.