Beijing-based Kuaiyouhao Information Technology, operator of online business registration service platform Kuaifawu.com, recently announced that Chinese internet and mobile services firm Tencent (0700.HK) will purchase an equity stake in Kuaiyouhao at its existing valuation, and Kuaifawu will use these funds exclusively for ad placements within Tencent's business ecosystem, including ads on social advertising system Guangdiantong and mobile messaging platform WeChat.
As part of this deal, Kuaifawu joined Tencent's "Double Hundred Program." The program, established in 2015, was created as a way for Tencent to use its online and offline resources to channel 10 bln online visitors to 100 Chinese startups over the next three years, and help these enterprises reach USD 100 mln valuations. Other Double Hundred Program partners include Meelive Network Technology, operator of mobile live video app Inke, and Missfresh E-Commerce, operator of mobile fresh food ordering app Missfresh.
Kuaifawu offers comprehensive online legal services for medium- and small-sized enterprises and startup businesses, including business registration, tax agency, patent and trademark, legal advising, and social security services. Kuaifawu's online platform brings together lawyers, accountants, and business agents and connects them directly with customers to lower service costs. Users can view an overview of the entire service process using the Kuaifawu website or app interfaces.
The company was established in April 2014 and previously completed USD 8-digit Series B funding from Shunwei Capital Partners.
Editor's Note: For more information on this topic, please see "Online Business Registration Platform Kuaifawu Lands USD 8-digit Series B," MD 2/29/16 issue.