Home / Tech News / Moka, the HR tool for Arm and Shopee in China, closes $43M Series B

Moka, the HR tool for Arm and Shopee in China, closes $43M Series B


Moka, the HR tool for Arm and Shopee in China, closes $43M Series B – TechCrunch

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.

Moka’s newly appointed CEO Li Guoxing, a former engineer at Facebook

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.

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Creek seeks $3B valuation for its software IPO”,”content”:{“rendered”:”

American software company Duck Creek has upped the stakes in its impending IPO, raising its price target from a range of $19 to $21 per shareu00a0to $23 to $25 per share.n

The bump comes as software and cloud stocks have fallen more than 10% from recent highs, putting them in technical correction territory.n


n

The Exchange explores startups, markets and money. You can read it every morning on Extra Crunch, or get The Exchange newsletter every Saturday.n


n

The good news for the Boston-based startup focused on the insurance market, however, is that recent technology IPOs have seen strong performance at similar stock market levels. So, the recent market chop for its future cohort of public software companies may not prove too deleterious to its public offering hopes.n

This morning let’s calculate an updated valuation range for Duck Creek, re-run our math on its implied revenue multiples and compare those figures to today’s public market averages.n

Duck Creek’s products target the property and casualty insurance provider space, serving companies that sell coverage for automobile, rental and homeowners insurance.n

""When tinkering with Duck Creek’s first IPO price range ($2.44 billion to $2.70 billion), the company appeared to be reasonably priced. Let’s see what happens when it raises its share-price targets.n

A new valuationn

As before, Duck Creek is selling 15 million shares, a figure that rises to 17.25 million if its underwriters exercise their option to purchase more stock at the IPO price. So, at its new $23 to $25 per-share IPO price range, the company could raise between $396.75 million and $431.25 million.n

For a company that had revenue of $153.35 million in the three quarters ending May 31, 2020, it’s a large sum.n

Discounting the shares up for purchase by its underwriters, Duck Creek is worth between $2.95 billion and $3.21 billion. Including the extra equity, the figures rise to $3 billion and $3.26 billion.



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