Moka, the HR tool for Arm and Shopee in China, closes $43 Million Series B: The startup declines to disclose its investors in the latest round
Investors are betting on the automation of human resources management in China. We reported last year that Moka, one of the key players in the space, secured roughly $27 million for its Series B led by Hillhouse Capital. This week, the startup announced closing a Series B+ at over 100 million yuan ($14.4 million), lifting its total raise for the B round to 300 million yuan ($43.2 million).
The startup declined to disclose its investors in the latest round, saying the proceeds will go towards recruitment, product innovation and business expansion. GGV Capital invested in its Series A round.
Chinese investors have in recent years shifted more attention to enterprise-facing products as the consumer tech market becomes crammed. Moka makes software to aid HR managers’ day-to-day operations, from posting job openings, discovering potential candidates, to managing current staff. For instance, Moka will alert the HR manager when employees update their resumes, a sign that they could be sniffing out new opportunities.
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A word by the CEO of Moka
As the new round closed, Moka also appointed its co-founder Li Guoxing as its new chief executive officer. The five-year-old Beijing-based startup was founded by Li, a Facebook veteran, and Zhao Oulun, who was previously the CEO of the company. Zhao worked at the car-sharing service Turo in San Francisco before returning to China.
The new CEO claimed that Moka acquires users at two-third of the industry average cost, with subscription renewal rate for its software-as-a-service hovering above 100%. “The future of business competition definitely lies in the fight for talent,” he said. “So hiring will surely become a company strategy in the future.”
As of June, Moka had accumulated over 700 paid clients, from tech giants like Xiaomi, Didi, Arm China, Shopee, Alibaba, to fast-food giants Burger King and McDonald’s. Its team of 300 staff operates out of five major cities in China.
Source: TechCrunch
