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.