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Tuesday, June 11, 2024

China’s HR tech startup Moka closes $100M led by Tiger Global

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Moka, a six-year-old Chinese startup that wants to make human resources management easier with software, said today it has closed a $100 million Series C round.

The startup aims to automate the entire process of talent management, from hiring to retaining existing staff. For example, it can automatically collect post-interview feedback from candidates and store that information in a database. It can also alert employers when staff make changes to their resumes, which signifies they may be mulling new opportunities. 

The latest investment was led by Tiger Global with participation from Blue Lake Capital, GL Ventures — the early-stage arm of the storied Hillhouse Capital, GSR Ventures and GGV Capital.

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The new round came just over a year after Moka earmarked $43 million in a Series B round. The company said it has reached the “unicorn” status but declined to disclose its exact valuation. Its streak of fundraising success no doubt reflects rising investor interest in startups that help boost enterprise productivity, as consumer-oriented internet services, from gaming to short videos, face enhanced regulatory restrictions.

Moka said it has accumulated over 1,500 paid clients including Tencent, Xiaomi, McDonald’s, and Arm China, with an annual retention rate of over 110%. Its CEO Li Guoxing, a Stanford grad, claimed in a previous speech that Moka’s products are particularly popular amongst Chinese internet firms.

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