SaaS Firm ELS Technology Secures Over 100M Yuan in C2 Financing
Shenzhen ELS Technology Co., Ltd., a software-as-a-service (SaaS) network platform based in China, announced on Thursday it has raised more than 100 million yuan ($15.8 million) in a C2 round of financing, less than half a year after its last round. The co-investors in this deal were Meridian Capital and V Fund.
The funds are intended for strengthening product development and service investment, improving the business scenarios of procurement digitalization and supply chain management, adding more AI intelligent applications and attracting talent.
ELS Technology is a general-use procurement digital SaaS enterprise established in October 2014. It has served thousands of clients in the procurement industry, including many Fortune 500 companies. Its customers cover 26 sub-sectors such as smart manufacturing, FMCG, automotive and spare parts, the chemical industry, and more. ELS offers one-stop digital procurement products in all industries, categories and modules, and has accumulated millions of suppliers on its platform, including many famous B2B e-commerce platforms.
ELS Technology has constructed a complete sales and delivery ecosystem, and has opened up channel interfaces with WeChat, DingTalk and Lark. It has also reached strategic cooperation with Tencent, Alibaba and Kingdee.
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Besides, ELS Technology has established an open ecological cooperation system. Partners of dozens of mainstream ERP manufacturers, such as Digital China, have started substantive business cooperation with ELS, and they jointly sell and deliver ELS’s products.
At present, the global SaaS market has reached $100 billion, and general-use SaaS software companies now enjoy great potential. ELS is a leading SRM enterprise (supplier relationship management) in the general-use SaaS sector. It starts from fintech and AI, empowers both purchasers and suppliers, and forms a network effect through upstream and downstream links. The firm is expected to develop into the next generation of ERP.