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Helios Raises USD 42million in Series C+; at USD 169million Valuation

The completion of the Series C funding round brought Helios's total funding to RMB 1.2bn.

The Deal and Investors:

Shanghai-based business travel and expense reimbursement platform, Shanghai Zhenhui Information Technology Co Ltd (Helios), announced a raise of RMB 300mn (USD 42.3mn), in Series C+ funding round, led by Huaxing Capital, the Shanghai-based venture capital arm of Beijing-based investment bank, China Renaissance Holdings Ltd (China Renaissance).

Existing investors, including Shanghai-based venture capital firm Softbank China Capital, Liaoning-based venture capital firm Blue Lake Capital AG, and Shanghai-based venture capital firm Zhonglin Capital and others also participated in the funding round.

The completion of the Series C funding round brought Helios's total funding to RMB 1.2bn.

Helios said that the post-money valuation of the startup is RMB 1.2bn (USD 169mn), and it posted a revenue of RMB 42mn in 2019.

The Company and Previous Funding Rounds:

Founded in 2016, Helios provides business travel and expense reimbursement solutions for enterprises. It has processed more than 5mn receipts and more than RMB 10bn in reimbursements and boasts more than 1.0mn monthly active users.

Helios’s major clients include Didi Chuxing, Fosun Group, Tencent, Zhihu, BYD, CIMC, Tianma Microelectronics, Sany Heavy Industry, Jinko Energy, Xtep, Ordos, Watsons, AXA Balance, Valmet, among others.

Helios was launched by and is a subsidiary of Shanghai-based enterprise solutions provider, Hand Enterprise Solutions Co Ltd.

Previously, Heliosi had raised RMB 100n in Series C funding round in Dec 2018 and RMB 50mn in Series B in Dec 2018.

Market Overview:

Global travel and expense management software market is expected to grow at a CAGR of 12% from 2020 to 2024, registering an increase of USD 2.85bn, according to Technavio.

Key players in the market include IBM Corporation, Oracle Corporation, Certify, Expensify, Concur (SAP), Infor, Chrome River Technologies, Baseware, Coupa Software, DATABASICS, NetSuite, Expense8, KDS, Apptricity Corporation, Nexonia, and Paychex.

Earlier this month, California-based spend management platform, Airbase, announced a raise of USD 23.5mn in Series A extension funding, led by Bain Capital Ventures and Beijing-based, corporate expense management platform, Beijing Fenbei Jinfu Technology Co Ltd (Fenbeitong), announced a raise of USD 36mn for its Series B+ funding round.

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