Singapore-based cloud-based software provider Deskera has raised more than US$100 million in an extended Series A funding round from an entity linked to South Korean tech giant Naver, according to a report by Deal Street Asia.

The funding round followed an over US$60 million Series A round from a number of investors that include Jungle Ventures, Cisco Investments, Tembusu Partners, Susquehanna International Group and Innoven Capital in late 2018.

Citing anonymous sources linked to the development, the report said that the company’s valuation was close to US$500 million following the funding round.

Naver itself had confirmed in an email statement that the investment was made via the Mirae Asset-Naver Asia Growth Fund. The company declined to give further details.

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“… Naver and Deskera are in discussions with respect to collaboration in technology and cloud infrastructure such as hosting and other services,” Naver wrote in the statement.

Deskera CEO Shashank Dixit has declined to comment on the report.

The report also mentioned that Deskera has begun fundraising for its Series B funding round.

Founded in 2008, Deskera provided solutions that enable SMEs to track finances, manage customers as well as hire and manage employees.

It has raised a total of US$40 million to date.