IDG Capital, China Soft Capital and two other Chinese funds have invested RMB150 million (US$22 million) in Hsuanzhang, an online financial and tax services provider to small and medium enterprises in China.
Investing alongside IDG and China Soft are Jiaxing Lingchuang Fund and Chuanrong Capital. There is currently no public information available on the identity of these funds.
"Hsuanzhang aims to provide standard services on enterprise financial and tax services," said Zhang Shugang, founder of Hsuanzhang. "We will also explore the development of derivative services to our users."
Founded in 2014, Beijing-based Hsuanzhang helps companies with bookkeeping, invoicing, tax planning and other financial services via a cloud platform and mobile apps.
The company plans to use the proceeds on improving its products, establishing an accounting firm network, and enhancing profit margin for its partners.
Hsuanzhang expects to achieve RMB700 million (US$100 million) in revenues in 2017 by serving over 300,000 enterprises in 150 cities in China, the company said in a release.