Tungee Completes $47.14 Million in Round B+ Financing, Led by Cathay Capital Private Equity
On Wednesday, Tungee, one of the leading companies in the fields of intelligent sales SaaS in China, announced the completion of a B+ round of financing valued at 300 million yuan ($47.14 million). Its leading investor was Cathay Capital Private Equity, and co-investors were GGV, in addition to all previous shareholders Sequoia China, Qiming Venture Partners and Unity Ventures.
Tungee said these funds would be used to invest in production and research, business expansion and service system upgrades while further promoting product R&D.
Founded in 2016, Tungee is positioned as an intelligent sales service provider. It offers universal SaaS products and related solutions, and is committed to using big data and AI to help enterprises improve sales efficiency and sales performance. It now has over 1,000 staff, and has established branches all over China.
Tungee’s products have been applied in a dozen industries, helping more than 10,000 enterprises take their operations into the digital realm and upgrade their sales teams. Well-known customers include Alibaba Cloud and China Merchants Bank, and their services can be found in financial, taxation, logistics, e-commerce and other industries.
In terms of financing, according to the data of CVSource Investment, the company has obtained five rounds of financing since its establishment five years ago, roughly once each year. Alibaba Group joined its A-round of financing in 2018.
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