Beisen, the Chinese HR SaaS and talent management platform, has raised $260 million in a Series F funding round.
According to Deal Street Asia, the round drew participation from SoftBank’s Vision Fund, Goldman Sachs, Chunhua Capital, and Fidelity International.
Shan Capital China, Yuansheng Capital, and Shenzhen Venture Capital also participated.
“The future 10 years of HR SaaS offerings will trend towards ‘integration and low-code development,’” said Ji Weiguo, Beisen’s co-founder and CEO, in a statement cited by Deal Street Asia.
“Beisen will continue to focus on this market opportunity, enhancing our product innovations and client service capabilities to empower the digitalization of China’s HR industry.”
Beisen, which offers iTalentX, a cloud-based HR SaaS and talent management platform, was founded in 2002.
The company alleges that its platform is used by more than 150,000 HR professionals and 20 million corporate employees.
The HR tech company has three research and development centers in Shanghai and is headquartered in Beijing and Chengdu.
Beisen reportedly employs more than 1,500 people and claims to invest around 25% of its annual revenue back into R&D.
This new tranche of cash will be used to continue innovating its products, improve customer service, and recruit talent.
Today’s news comes after Beisen announced the closure of a $100 million Series E in October 2018 led by Matrix Partners China and Genesis Capital. The round also drew support from Sequoia Capital China.