Tencent joins $138m series D round of Chinese e-signature startup Fadada

Chinese e-signature company Fadada said it has raised 900 million yuan (US$138.4 million) in a series D round from Tencent, ZWC Partners, and Centurium Capital.

Fadada CEO and founder Huang Xiang / Photo credit: Fadada

Founded in 2014, Fadada provides its e-signature solution for corporations like Tencent, which makes use of the solution for its products like WeCome (the enterprise version of WeChat). Fadada also serves government departments to help online operational processing and also caters to individual users.

The company recently launched its blockchain-based electronic contract services and smart contract management system to expand its reach.

With the fresh capital, it will further develop its products, including its software-as-a-service offering and open API solutions. It will also work to innovate in the legal technology sector, according to a statement.

The company claims it achieved 8x growth in daily user registration compared to the same period in 2019.

According to the Shenzhen-based firm, it took up 26.6% of the total market share and ranked first in the e-signature space in China in 2019. It serves over 3,000 clients globally, including Microsoft China, Meituan, Trip.com Group, Nio, Foxconn, and Decathlon, among others.

The e-signature market is seeing growth as the government continues to develop the digital economy, said Fadada. The Chinese government also said it plans to expand e-signature solutions to areas including finance, real estate, human resources, and transportation, among other sectors.

The latest round comes after the firm raised US$61.2 million in a series C round led by Tencent and Tiger Global Management in 2019.

Currency converted from Chinese yuan to US dollar: US$1 = 6.5 yuan.