Chinese cloud tax startup raises around $100 million
Yunzhangfang to upgrade IT infrastructure and brand management
A Chinese software-as-a-service tax platform, has received approximately $100 million in its Series E round led by the private equity firm Apax Partners’ subfund Apax Digital. The round was joined by GF Securities’ GF Qianhe and GF Investment (Hong Kong).
Boutique investment bank InvesTarget facilitated the transaction, it announced in a WeChat post last week.
The company plans to use the proceeds toward IT infrastructure, brand management and product R&D, among others.
Since its inception in 2015, Yunzhangfang has been engaged in using digital approaches to help corporations with their taxes and financial management. The firm claims to offer its services across 36 tax regions in the country.
Aside from the flagship brand Yunzhangfang Daizhang, the provider has also rolled out a slew of subbrands, including Your Shuizhi, to focus on medium- to large-size enterprises, as well as Caizhi Weilai, which bet big on higher vocational education.
In 2019, Yunzhangfang had completed its $85 million Series D round from European private equity firm Vitruvian Partners. Its previous backers also include Hillhouse Capital, Angel Around, Danhua Capital and Liuhe Capital.
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