(Yicai Global) March 8 -- Fadada, a Chinese startup that provides electronic signature services, has closed a new round of financing that yielded CNY398 million (USD57.9 million).

Tencent Holdings and Tiger Global Management led the C round fundraising, in which Ares Management and Vision Plus Capital also took part, Shenzhen-based Fadada said in a statement on March 6.

The company will use the funds to rapidly increase market penetration, advance the development and application of cutting-edge technologies, introduce more talent, and create customer-focused research and development, sales and service systems, according to founder and Chief Executive Huang Xiang.

Founded in 2014, Fadada provides services for the software-as-a-service electronic contract, electronic document signing and deposit certificates. Along with compatriot rivals Tsign and BestSign, Fadada landed financing in the hundreds of millions last year.

It has nearly 2,000 large- and mid-sized paying corporate users. Some 130 million users have signed over 1.2 billion e-contracts via the platform, covering around 80 sub-sectors and application scenarios such as finance, real estate, automotive, human resources and education.

Fadada has also set up partnerships with big internet platforms and system vendors at home and abroad such as Microsoft, SAP, Oracle, Kingdee, Yonyou Software, and Mingyuan Cloud.

Ali Venture Capital and Ant Financial Services Group, both based in Hangzhou, and other companies also have stakes in Fadada through limited partnership, according to online financial database Tianyancha.

In 2014, Yunsign was the only online signature platform that received CNY30 million (USD4.5 million) in angel funding. Ten platforms finished 12 financing rounds in 2016, totaling over CNY200 million, 70 percent more than 2015, according to the Chinese Third-Party Electronic Signature Platform Development Report 2017.