GaiaWorks (the “Company”), a workforce management cloud service provider, announced that it has completed its RMB 500 million Series D1 financing round, led by GGV Capital. Tencent Holdings, EDBI, and Index Capital China also participated in the round. Previous shareholders Matrix Partners China also increased their holdings in the Company.
This round of financing will primarily be used to increase R&D efforts, especially in regard to applying machine learning to business forecasting and intelligent scheduling optimization. The Company is also building a next-generation workforce management platform based on flexible employment, and aims to continue to consolidate GaiaWorks’ leading position in the domestic and global markets.
Founded in 2009, GaiaWorks serves more than 1,500 customers and more than 5 million front-line workers in 24 countries across the Asia-Pacific, Europe and the U.S. markets. GaiaWorks has become a leading brand in workforce management cloud services in China and the Asia-Pacific region for many large enterprises operating in the region:
· One of the world's largest restaurant chains, with 200,000+ employees in China
· One of China's largest audio technology manufacturing companies, with 170,000+ employees in China and Vietnam
· One of the world's largest communications technology manufacturing companies, with 150,000+ employees in China
· One of China's largest real estate companies, with 100,000+ employees
· One of the world's largest high-tech panel manufacturers, with 70,000+ employees
· One of the largest dairy companies in China with 60,000+ employees
· One of the world's largest on-site service companies, with 16,000+ employees in China
· One of the world's largest cosmetics company, with 10,000+ employees in the Asia-Pacific market
GaiaWorks is a China-based company that provides cloud services for global workforce management. Currently, GaiaWorks' customers are distributed across 24 countries around the world. Every day, more than 5 million employees worldwide use the Company’s services. GaiaWorks was established in 2009 and is headquartered in Suzhou. Investors include GGV Capital, Tencent Holdings, Tiger Global, Warburg Pincus, Genesis Capital, EDBI, and Matrix Partners China, among others.
About CEC Capital Group
CEC Capital Group is one of China’s leading investment banks, focusing on three major industries including global TMT, consumer and healthcare. In addition to its investment banking practice, CEC Capital Group manages both an RMB fund and a USD fund. The company is headquartered in Beijing, with offices in Shanghai. Its US affiliate, China eCapital Partners, LLC, has offices in Los Angeles and San Francisco. CEC Capital Group has a deep bench of expertise and transaction experience in the Enterprise SaaS and Cloudtech space, which the company believes will be emerging growth markets for the domestic China market in the next decade.
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