China's National Small and Medium-size Enterprises Development Fund has led a nearly RMB100 million (US$14 million) series B round in Neigou.com, a Beijing-based company developing employee benefits platform.
Cheung Kong Graduate School of Business's Chuang Fund and Focus Media Information Technology also participated in the round.
"THG Ventures are positive about the development of Software as a service industry in China, and we have invested in a number of sectors including commercial health insurance, financial services, commercial investigation and corporate security," said Cheng Peng, a partner at THG Ventures which manages the National SMEs Development Fund. "We think highly of Neigou.com's team. They have already developed a mature technology and business model."
Founded in 2013, similar to American Costco Wholesale Corp, Neigou.com provides membership-only e-commerce platforms for company employees, where they are able to enjoy discounts on a wide range of products sold on other e-commerce platforms, including JD.com Inc.
Earlier this month, Neigou.com merged with its peer Aiguanhuai to develop in terms of business scale, customer experience and technology. The merged company currently has 5,131 corporate customers including Sina Corp., Tencent Holdings Ltd., Baidu Inc. and Air China Ltd., with 492,671 employees registered as its members.