Chinese software-as-a-service cloud tax solution, Yunzhangfang, has raised $100 million in a Series E round headed by Apax Digital, a sub-fund of private equity firm Apax Partners. GF Investment, GF Securities’ and GF Qianhe participated in the round (Hong Kong).
The purchase was brokered by boutique investment bank InvesTarget, which revealed it in a WeChat posting last week. The money will go into IT infrastructure, product R&D, and brand management, among other things.
Yunzhangfang has been employing digital ways to assist firms with their financial management and taxes since its beginning in 2015. The company promises to provide services in 36 tax zones around the country.
Aside from its flagship brand, Yunzhangfang Daizhang, the company has launched a number of sub-brands, like Your Shuizhi, which caters to medium- to large-sized businesses, and Caizhi Weilai, which focuses on higher vocational education.
Yunzhangfang concluded a $85 million Series D investment from Vitruvian Partners, a European private equity firm, in 2019. Liuhe Capital, Danhua Capital, Angel Around, and Hillhouse Capital are some of its previous backers.