Tencent co-led a $92.5m round for the corporate expense management tool provider, investing alongside new and returning backers including Eight Roads Ventures.
China-based expense management technology developer Fenbeitong raised $92.5m yesterday in a series C round co-led by internet group Tencent and GL Ventures, hedge fund manager Hillhouse Capital’s venture capital unit.
The round also featured Eight Roads Ventures, a subsidiary of financial services and investment group Fidelity, as well as Glade Brook Capital, IDG Capital and Ribbit Capital. Fenbeitong said its overall funding has now reached RMB1bn ($154m).
Founded in 2016, Fenbeitong has built a software product that helps enterprise customers…
