News: HRTech firm eRoad raises $140 million in Series D funding

Funding & Investment

HRTech firm eRoad raises $140 million in Series D funding

Yilu Human Resources Technology’s platform would be investing in improving their HCM products for the global community, including services like salary management, workforce management, talent development and more.
HRTech firm eRoad raises $140 million in Series D funding

Shanghai, China-based HRTech platform eRoad has announced that it has secured $140 million (one billion yuan) in its Series D funding round. The firm did not disclose the names of any of the investors.

“The deal was co-led by one strategic investor and one financial investor along with the participation from multiple existing shareholders,” the company said in a statement.

Wang Tianyang, Chairman and CEO of eRoad, said, "Payroll is a management challenge that every enterprise needs to solve because it is directly related to the well-being of employees and enterprises. China has nearly 33 million enterprises, and such a strong demand makes this market full of possibilities.”

The latest cash injection will improve Platform-as-a-Service (PaaS) HCM products to better serve large and medium-sized enterprises globally. The funding would also be used to revamp “eRoad People+”, an HR management cloud platform focusing on payroll solutions. The efforts would be made to create an HRTech ecosystem powered by “systems-plus-services”.

The company was founded in 2004 and serves over 300 enterprises across 20+ countries.

The Series D funding comes after two years after it raised over $28 million (200 million yuan) in an extended Series C round from Huaxing Growth Capital.

The company plans to create HCM products to offer medium and large enterprises globally as comprehensive digital solutions for HR have become a must. Salary management, workforce management, talent development, data insights and other HRTech aspects are major factors why the digital efficiency of human resources is prudent. 

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Topics: Funding & Investment, HR Technology, #HRTech

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