Private equity firms Warburg Pincus and Martix Partners China have invested in the C-round financing of Liepin.com, according to a statement.
The pair invested $70 million in the Beijing-headquartered recruitment services business – the largest investment into a similar company in China in the past five years, according to the firms.
Liepin.com, which received its A-round financing from Matrix in 2011, uses an online career development platform, aiming to connect employers, headhunters and professionals.
The business currently has 10 million professionals on its database and offices in 10 cities across China, including Shanghai, Chengdu and Tianjian.
The new funding will be used to help Liepin further improve its vertical platform incorporating PC, mobile and call center services. Liepin will also continue to focus on its product and technology innovation and increase spending on research and development.
“Warburg Pincus has been following the internet-based recruitment sector closely in recent years and was impressed with Liepin’s unique business model,” Julian Cheng, managing director of Warburg Pincus and head of its TMT operations in North Asia, said in a statement.
“We like its revolutionary business model, the team’s entrepreneurship and capabilities, and have conviction in the growth potential of Liepin.”
David Zhang, founding managing partner of Matrix Partners China, added, “After witnessing the rapid growth of Liepin.com in the past three years, Matrix Partners China is more and more convinced that Liepin’s business model is shaking the current internet-based recruitment sector and has singled itself out as the one to win.”