Nanjing Yunzhangfang Network Technology Co Ltd (“YunZhangFang”), a market leading next-generation accounting and tax software-as-a-service (SaaS) provider in China, has announced its Series D funding round of USD $85 million led by international growth investor Vitruvian Partners (“Vitruvian”). With this latest funding round, YunZhangFang will accelerate its sales and marketing spending, expand its product offering and continue to invest in adjacent technologies including RPA, PaaS, elastic computing and knowledge graph for tax accounting. The company is also looking to recruit experienced technology leaders to supplement the management team.
YunZhangFang has experienced exponential growth over the last three years, having served approximately 1.4 million SMEs across 26 provinces in China through its software solution for bookkeeping firms. YunZhangFang's product offerings have expanded from an integrated suite of accounting and tax software solution for bookkeeping firms to include also product modules for enterprises directly, such as accounting and tax modules, risk analytics modules, payroll and social insurance payment solutions. In addition to bookkeeping firms, YunZhangFang’s customer base now also includes SMEs, large enterprises with multiple subsidiaries and financial institutions.
Xinghua Xue, CEO and founder of YunZhangFang, said “Since 2015, YunZhangFang has pioneered the concept of next-generation accounting and tax software and quickly grew to become the market leader today. I credit our progress largely to our operating principles – focusing on organisational capabilities, talent development and continued product technology innovation. When we expand our business scope from single product to multi-business lines, it is important that we have a clear vision, and leverage our core strength rather than blindly follow the popular trends in the market. The Series D funding will help YunZhangFang grow faster and become a better organization.”
The Vitruvian team commented “the frequently evolving regulations and technology revolution in the China tax industry have created the perfect opportunity for SaaS vendors to disrupt the market. Over the last few years, YunZhangFang has emerged to be the leading accounting and tax SaaS vendor with best-in-class product automation and functionality and has proven its ability to generate significant productivity improvement and ROI for its customers. We are excited to partner with Mr. Xue and the management team to help the company accelerate its growth and continue building its market leadership in the accounting and tax software space in China.”
About YunZhangFang (www.yunzhangfang.com)
Established in 2015, YunZhangFang is a next-generation smart accounting and tax SaaS solution provider to bookkeepers, enterprises and financial institutions in China. YunZhangFang has served approximately 1.4 million enterprises via its software solution for bookkeeping firms and expanded its product offerings to serve enterprise directly and financial institutions.
Vitruvian目前正从第三期基金进行投资 – 基金规模为24亿欧元，是欧洲最大的支持创新性和高成长性公司的基金之一。 Vitruvian过往投资了超过45家公司，管理的资产约为55亿美元。迄今为止，代表投资案例包括多个领域的全球市场领导者，例如Just Eat，FarFetch，Darktrace，Trustpilot，Marqeta，TransferWise，Skyscanner等。Vitruvian先前对软件行业创新者的投资包括Snow Software，Bitdefender，Pindrop，Unifaun，Accountor，Easypark和Benify等公司。有关更多信息，请访问：www.vitruvianpartners.com
About Vitruvian Partners (www.vitruvianpartners.com)
Vitruvian is an independent growth capital firm headquartered in London with offices across London, Stockholm, Munich, Luxembourg, San Francisco and Shanghai. Vitruvian focuses on dynamic situations characterized by rapid growth and change across industries spanning information technology, financial services, life sciences & healthcare, media, and business and consumer services.
Vitruvian is currently investing from its third fund, the €2.4 billion Vitruvian Investment Partnership III, which is among the largest pools of capital in Europe supporting innovative and higher growth companies. Vitruvian Funds have backed over 45 companies and have assets under management of approximately $5.5 billion. Notable investments to date include global market leaders in their field such as Just Eat, FarFetch, Darktrace, Trustpilot, Marqeta, TransferWise, Skyscanner and others. The Firm’s previous investments in software innovators include companies such as Snow Software, Bitdefender, Pindrop, Unifaun, Accountor, Easypark, and Benify. More information can be found at: www.vitruvianpartners.com