Fenbeitong, a China corporate spend startup raised $140 million in a Series C+ Funding round, bringing the total investment raised to date to $300 million, becoming the latest unicorn in the China SaaS industry.
The funding round was led by DST Global. Existing investors Hillhouse, Ribbit, Stau, Glade Brook, and Bit Rock were joined by new investors including D1 Capital Partners, WhaleRock, Saudi Aramco's P7 Ventures, and Emergence, Yuanyi Capital was the exclusive financing adviser of this round.
This new round of funding will enable Fenbeitong to ascend even further strengthening its product capabilities, forging new markets, and expanding the visionary team.
Company: Beijing Decibel Technology Co., Ltd.
Round: Series C+
Funding Month: February 2022
Lead Investors: DST Global
Additional Investors: Hillhouse, Ribbit, Stau, Glade Brook, Bit Rock, D1 Capital Partners, WhaleRock, Saudi Aramco's P7 Ventures, and Emergence
Company Website: https://www.fenbeitong.com/
Software Category: Spend management
About the Company: Founded in 2016, Fenbeitong is a company that develops and provides a corporate wallet application. Its app enables users to manage, pay and receive reimbursement for corporate expenditures. Fenbeitong is aiming to become the leader in corporate spend management in China. Fenbeitong believed in the “SaaS+Payment” model. Helps corporate clients reimburse their employees for expenses incurred in business trips, corporate procurements, insurance & car purchases, and other work-related expenditures through an online expense management platform, a mobile app, and other products. Established in March 2016 and is headquartered in Beijing, after five years dedicated to building supply chain networks. Fenbeitong is now harvestings strong growth momentum, seeing 3-fold growth each year since 2019.