Investors are betting on the automation of human resource management in China. We reported last year that Moka, One of the major players in the space, Hillhouse Capital, led by its Series B secured nearly $ 27 million dollars. This week, the startup announced the closure of series B + worth over 100 million yuan ($ 14.4 million), raising its total weightage to 300 million yuan ($ 43.2 million) for the B round.
The startup refused to disclose the latest round to its investors, saying the proceeds would go towards recruitment, product innovation and business expansion. GGV Capital invested in its Series A round.
Chinese investors have paid more attention to enterprise-facing products in recent years as the consumer tech market has collapsed. Moka creates software to help HR managers day-to-day tasks, since job openings, to search for potential candidates, to manage current employees. For example, Moka will alert the HR manager when employees update their resumes, a sign that they may smell new opportunities.
With the new round of closure, Moka also appointed its co-founder Li Guoxing as its new chief executive officer. The five-year-old startup in Beijing was founded by Li, a Facebook veteran and Zhao Aulun, formerly the company’s CEO. Zhao worked at the car-sharing service Turo in San Francisco before returning to China.
The new CEO claimed that Moka acquired users at two-thirds of the industry’s average cost, with subscription renewal rates exceeding 100% for its software-as-a-service. “The future of business competition definitely lies in the battle of talent,” he said. “So hiring will definitely become a company’s strategy in the future.”
By June, Moka had amassed over 700 paid customers, from tech giants like Xiaomi, Didi, Arm China, Shopian, Alibaba, to fast-food giants Burger King and McDonald’s. Its team of 300 employees works in five major cities of China.