Tencent Injects USD 120 Million into Chinese CRM Startup Ingageapp
On September 5, Ingageapp raised USD 120 million in Series E, led by Tencent.
Xiaoshouyi (销售易) which runs IngageApp, has secured USD120 million offered by Tencent on September 5, which is by far the largest fundraising in Chinese customer relationship management platform sector.
Founded in 2011, Ingageapp is a CRM solution provider leveraging mobile social platforms and big data technology.
Before this round of financing, Ingageapp has made breakthroughs by getting cooperations with big cooperations like ICBC, Shanghai Electric. This year it has also signed a contract with Lenovo and replaced overseas suppliers.
"The cooperation between Ingageapp and Tencent would build a fully digitized value chain solution, helping clients to deal with third-party service providers (sales distributors, as well as end-users) in a more efficient way," said Shi Yanzhe (史彦泽), founder and CEO at Ingageapp.
This is the eighth funding event, a handful of far-famed capital organizations including Sequoia, Matrix Partners China and ZhenFund have made investments.
It's also Ingageapp's third round of financing with money inflow from Tencent: USD40 million in January followed by 14 million in April 2018. Seemingly, Tencent has been enthusiastic about the CRM sector, seeking synergy for its We-chat e-commerce platforms.
Tencent is not the only giant which invested in CRM heavily. In July 2019, Alibaba has made strategic cooperation with world-leading CRM company "Salesforce". With the distribution channel of Alibaba, Salesforce has been considered as a strong competitor of local CRM suppliers.