Primavera Capital Co-invests in Beisen's Series F Financing, Setting a New HR SaaS Industry Funding Record
Today Beisen, China’s largest integrated HR SaaS and talent management platform, announced the completion of a USD 260 million Series F financing round. The round was co-invested by Softbank Vision Fund II, Goldman Sachs, Primavera Capital Group, and Fidelity International, with additional investment from existing shareholders Matrix Partners China, Sequoia Capital China Fund, Genesis Capital, and SCGC. China Renaissance served as the exclusive financial advisor for this round of financing.
The funds raised will mainly be used for integrated HR SaaS product innovation, customer-success system upscaling, and organization and talent building. This financing round is the largest one so far in the HR SaaS sector, bestowing Beisen with “unicorn” status and confirming their industry-leading valuation.
Stephen Zhang, Partner at Primavera Capital, said, “Primavera has long focused on investment opportunities that transform and empower traditional industries through digital technology. HR SaaS companies such as Beisen have created mature solutions and products through years of experience, helping enterprise customers reduce costs and enhance efficiency in human resource management and talent development.”
“Beisen has been in the HR service industry for nearly 20 years and is widely recognized as a leader in the sector. With best-in-class innovation capabilities, strong delivery services, extensive talent management experience, and unique product development ideas, the company excels in meeting customer needs. We are very pleased to support Beisen’s continued investment in its platform-level product development, AI big data and customer service capabilities in the future. Primavera looks forward to joining hands with Beisen to provide Chinese companies with world-leading talent management services.”
Integrated and customizable HR SaaS products have evolved into a mainstream trend in the market. IDC’s research data shows that since 2016, Beisen has officially overtaken traditional, international software makers to become the market leader in China’s HR SaaS sector, ranking first in terms of market share for five consecutive years.
Ji Weiguo, co-founder and CEO of Beisen, said, “Fragmented HR software will become a thing of the past, and HR SaaS will become ‘integrated and low code’ in the next ten years. Beisen will continue to focus on this area, improve product innovation and customer service capabilities in order to empower China’s HR digital transformation.”