Chinese enterprise information technology (IT) and office desktop leasing start-up Edianzu today announced that it has raised a US$60 million series D round of financing, valuing the firm at nearly US$500 million.
Chinese venture capital firm Source Code Capital and an undisclosed sovereign fund co-led this new financing round, according to a statement released today in Edianzu’s official WeChat account.
“Enterprise users have been focusing more on the efficiency and flexibility of IT services, while outsourcing non-core IT services is the general trend,” said Chang Kaisi, managing director of Source Code Capital.
“IT equipment leasing service is a good start. And the current market penetration rate of the IT equipment leasing service is still quite low, leaving a huge room for future growth,” he said.
Founded in March 2015, Beijing-based Edianzu provides office equipment leasing, IT on-site support, IT management software as a service (SaaS) and equipment recycling services for enterprises.
The company offers four-hour IT on-site support services in 10 major cities across the country, including Shanghai, Shenzhen, Wuhan and Hangzhou. It has cooperated with over 20,000 enterprises with a market share near 80%. Among them are 6,000 listed companies and industry unicorns, said the company in the statement.
Edianzu said that the proceeds of this round will be used to accelerate the layout of enterprise IT services, expand market to more cities, and strengthen service capabilities.
Taking the new financing round into consideration, Edianzu has completed a total of six financing rounds worthy of over RMB900 million (US$130 million).
The new round follows the company’s US$320 million series C round led by Source Code Capital in March, with participation by Shunwei Capital, Matrix Partners China, Aplus Capital and a fund affiliated with Chinese financial technology platform Lakala.
The company also raised a US$18 million series B round in October 2017. In January 2017, it raised a RMB70 million (US$10 million) pre-B round from funds affiliated with Lakala.
Source: China Money Network
