Fushi Technology Closes US$15M Series A+ Funding

Fushi Technology (Shenzhen) Co., Ltd., a member of the merchant SaaS product portfolio of Yeahka Limited (stock code: 9923.HK), a payment-based technology platform in China, raised US$15M Series A+ funding.

ABC International plans to invest US$10m while Cowin Capital plans to invest another US$5m through a fund under its management named Shenzhen South China Chengzhanggongying Equity Investment Fund (Limited Partnership).

The company intends to use the funds for expanding its SaaS open platform “Haoshengyi” (好生意), recruiting talent to support its business development and service upgrades, as well as strengthening the platform’s capabilities in channel expansion and marketing services. 

Founded in 2016, Fushi Technology provides a digitalized platform for merchants. The “Haoshengyi” SaaS open platform has penetrated into various use case scenarios including food and beverage, retail, apparel, lifestyle services and entertainment, providing comprehensive SaaS products and services ranging from membership management, food ordering, supply chain management, fintech to kitchen management and membership marketing. As of the end of 2020, the platform covered 25 cities and regions in China, serving more than 320,000 merchants in total.

Earlier in 2019, Yeahka, a payment-based technology platform that focuses on SaaS products, invested in the company through its indirectly wholly owned subsidiary, Shenzhen Qianhai Saosao Technology Co., Ltd and RYK Capital Partners Limited. Fushi Technology has since become an associate company of Yeahka. As a key member of Yeahka’s ecosystem, and direct touch-point with merchants for business development and services, Fushi Tehnology enables the company to collect insights into merchant needs to cross-sell and market its SaaS product portfolio.