Tencent join the $190m series C and D rounds of Chinese HR startup

 

WorkTrans, a human resource management software provider, announced that it has secured a combined US$190.5 million in series C and series D rounds.

Its US$50.5 million series C round came from Sequoia Capital China and existing investors, while Tencent and the China Capital Investment Group joined its US$140 million series D funding.

WorkTrans CEO and co-founder Chu Feng / Photo credit: WorkTrans

Founded in 2015, WorkTrans has developed an AI-powered software-as-a-service platform that provides HR services such as attendance management, staffing, and salary administration, among others. Its clients range from retail chains to companies in the catering services, manufacturing, and logistics industries.

The firm claims that it can help enterprises reduce labor costs by more than 20%.

With the new funds, the company will improve its product and technology, as well as construct a nationwide service network. It will also focus on serving the service industry, which accounted for 54% of the gross domestic product in China in 2020 and contributed to nearly 60% of the nation’s total economic growth in the same year, according to a government report.

The latest investment comes after WorkTrans raised US$23 million in a series B1 round from Qiming Venture Partners, VC firm DCM, and Lightspeed China Partners in 2018. Prior to that, the startup had completed 45 million yuan (US$6.9 million) in a series A round in 2017, followed by a 100 million yuan (US$15.4 million) series A+ funding a year later.

Currency converted from Chinese yuan to US dollar: US$1 = 6.47 yuan.

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