WorkTrans, a human resource software developer based out of China, on January 8, 2021, announced that it had raised a combined sum of USD 190.5 million through Series C and D funding events.
Individually, the tech HRTech start-up raised USD 50.5 million in the Series C round that witnessed participants like Sequoia Capital China and a number of earlier investors.
Furthermore, the company managed to raise an impressive total of USD 140 million in the Series D round from Tencent (the Chinese social networking and gaming giant) and CICC Capital (a private equity fund management platform of a Chinese investment bank).
Powered by surging domestic labor costs as a result of the country’s aging demography, the Chinese payroll and amp; HR solutions and services market is predicted to hit USD 8.8 billion by 2027, trailing a CAGR (compound annual growth rate) of 12.6% between 2020 and 2027, in comparison to other rapidly growing markets such as Canada, Japan, and Germany at 7.4%, 3.5%, and 5.4%, respectively.
“China’s cloud-based HR services market is burgeoning in recent years as industry infrastructures continue to improve; new demand surges; and clients’ HR investment grows,” WorkTrans’ Founder and CEO Chu Feng said in a statement.
CEO Chu Feng also mentioned that once the new financing is completed, the start-up will continue its effort toward being a “one-stop, high cost-effective HR solutions” by adding to the investment quotient in product and technology development and construction of a countrywide service network.
Headquartered in Xuhui, Shanghai, WorkTrans is a human resource management (HRM) software developer that leverages sophisticated technologies such as cloud computing and deep learning to develop HRM software and solutions, especially for large and medium-sized organizations in sectors such as manufacturing, retail, catering, and modern service.
Established in 2015, the company has a track record of having served over 4 million employees across 120,000 companies, and the client list includes,
- Bank of China (BOC)
- Drugmaker Sinopharm Group
- Dairy products maker Mengniu Dairy
- Supermarket retailer Carrefour China
- Food and amp; beverage brand BreadTalk
In November 2018, WorkTrans netted 160 million yuan in a Series B round, backed and supported by DCM, Lightspeed China Partners, and Qiming Venture Partners.
In February 2018, the tech company raised 100 million yuan in a Series A round. It also gained an impressive 45 million yuan in a Series A round held in August 2017.