Chinese startup Laiye raises $160M, acquires France’s Mindsay
- ByStartupStory | April 19, 2022
The Chinese work automation startup, Laiye, known for providing a one-stop platform for automating office tasks of varying degrees of complexity, recently picked up $160 million from a Series C funding round to further accelerate its expansion plans globally.
Laiye’s Series C financing came in three tranches, with the last one to have recently closed at around 70 million USD, an oversubscribed round led by influential Chinese private equity company Hopu Magnolia. Other investors include Chinese private equity firm Youshan Capital, VMS Group from Hong Kong, as well as existing investors such as Lightspeed China and U.S.-based Lightspeed Venture Partners.
Adding Hong Kong-based investment company VMS Group to the Laiye’s cap table will bring the resources needed for a potential initial public offering(IPO) in the city, said Guanchun Wang, Laiye’s founder, and CEO. The company doesn’t have a timeline for its Initial Public Offering yet but will be holding early discussions with the Hong Kong Stock Exchange in the future months.
Laiye’s global expansion spree is also in full swing. Currently, the company generates 20% of its revenues outside China, with customers spanning Southeast Asia, Europe, and the Americas. The work automation startup aims to raise that ratio to 50% by 2025.20% of Laiye’s employees are outside China at the moment, and it expects the proportion to reach 50% in a few years’ time.
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