(Yicai Global) Mar. 5 -- China's electronic signature and contracts cloud platform BestSign, also known as Shanghangqian, has just completed its series B financing, raising CNY100 million (USD15.7 million). The firm will use new funds to enhance blockchain application in the field as the number of electronic contracts signed over the internet has been skyrocketing in recent years.
Morningside Venture Capital led the new financing round, while previous investors Matrix Partners China, DCM Ventures, Beijing Shunwei Venture Capital, and WPS Capital partook in the investment. China Renaissance was the exclusive financial consultant, the state-run People's Daily reported on its website.
BestSign aims to improve blockchain application in areas such as customer real-name authentication, contract signing, management, maintenance, and protection. It utilizes the advantages of the blockchain technology for decentralization and the creation of reliable, convenient, and user-friendly eSignature cloud services.
Founded in Aug. 2014, BestSign mainly provides enterprises and individuals with a full range of professional electronic contract lifecycle services, including online signing, contract storage and management, litigation support, and insurance compensation to help users improve transaction efficiency, save delivery costs, and realize digital contract management.
Last year, BestSign acquired QuickSign, which was the first mergers and acquisitions case in China's electronic contracts sector. It also reached cooperation agreements with Microsoft Corp. and Kingsoft for their office software and the world-leading blockchain service provider Bitfury to augment blockchain application in online document processing.
At present, the average daily number of contracts signed on BestSign exceeds 10 million times, with the accumulative annual amount reaching billions of dollars. The firm has customers from such industries as internet finance, traditional finance, B2B, automotive, and manufacturing, and serves over tens of thousands of clients. Among its typical paying users are China UnionPay, Bank of Communications Co., Lenovo Group Ltd., Lianjia.com, Geely Automobile Holdings Ltd., Qudian Inc., Yonghui Supermarkets Co. and Guazi.com Inc.