CPQ software has gained momentum worldwide and has great potential in the Chinese market.
Dingyuefeng (Chinese:订阅蜂), a Chinese quote management SaaS provider, closed an angel round of funding of nearly CNY 10 million (USD 1.5 million) on January 30. The lead investor of this round was RedLeavesAMC (Chinese: 红树叶资本) who was followed by Hangzhou Chushi Investment (Chinese: 初十投资).
Founded in February 2022, Dingyuefeng is a professional quote management SaaS provider. It offers CPQ (Configure, Price, Quote) solutions, aiming to improve sales efficiency with automated price quotes, contracts, and subscription management.
"About 50 million quotations are made in China every day, and most companies deal with them in traditional ways, with Excel spreadsheets and Word. The process is complex, error-prone, and slow." said the founder of Dingyuefeng. He stated that Dingyuefeng's CPQ solutions could reduce customer service response time by 90%, increase the closing rate by 15%, and improve sales efficiency by 12%.
CPQ is an automated sales tool that cuts off the time-consuming administrative process of dealing with quotes and proposals. In overseas markets, the CPQ concept caught on in the 2010s. CPQ became one of the hottest technologies that sales relied on in 2015 and continued to accelerate, according to Forbes. Whereas in China, the technology is not widely used yet.
Established CPQ providers include Dealhub, Zuora, and Chargebee.