Shanghai Burgeon Software Technology Co., Ltd has raised 300 million yuan ($46 million) in its Series B round of financing from Hong Kong-listed retail-driven software-as-a-service (SaaS) specialist Youzan.
Shanghai-based investment bank Cygnus Equity facilitated the transaction, it said in a WeChat post.
Burgeon plans to use the proceeds on SaaS applications, talent recruitment and business expansion.
Set up in 1999, Burgeon has been engaged in delivering innovative digital solutions and tools such as ERP, middle-end platforms, and point of sales. It claims to have served over 3,000 brands such as Belle, Peacebird, Fastfish, Skechers, among others.
Burgeon CEO Yihui Sun owns a 27.71% stake in the company followed by Youzan at 15%.
CHINA DEAL MONITOR
DealStreetAsia has also put together a table listing out all prominent venture capital transactions in the Greater China region from February 3-5, 2021.
