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Chinese VC Funding Weekly Overview (6.14-6.18）
Tencent-backed Chinese SaaS startup nets $120m round from Hillhouse, GGV, others
Chinese business services platform XiaoETong has secured US$120 million in a series D round from investors including Hillhouse Capital, IDG Capital, GGV Capital, and Qiming Venture Partners. The latest investment builds upon the startup's Series C round, which was completed in October 2020 and featured backing from Tencent. The firm will allocate its fresh funds toward improving its product by strengthening research and development capabilities as well as recruiting operational talent. It has more than 1.6 million registered customers to date.