Chinese SaaS Startup Moka Nabs $27 Million in Series B Funding
It’s no secret that talent recruitment is the most crucial element of running a successful company. Many startups are using technology to speed up the recruitment process and improve efficiency. Chinese SaaS startup Moka is working on a similar mission. Founded in 2015, Moka helps companies optimize their recruiting services and find the right talent for their business. The startup raised $27 million (180 million yuan) Series B funding led by Hillhouse Capital, an Asia-based investment management firm. Other investors who participated in this round include Xianghe Capital, GSR Ventures, a Chinese private equity firm and VC firm GGV Capital. The funding will be mainly used for talent introduction, product innovation and business development.
How MokaHR Works?
The MokaHR software is designed to summarize and analyze the resume information characteristics of a large number of job seekers using resume analysis techniques and machine learning algorithms. Through the local semantic analysis and pattern matching of important information in resumes, the software learns a large number of enterprises' recruitment behavior data and conducts big data Statistics and analysis, so as to help enterprises to better understand the industry trends, to better identify the right candidates, and hiring key points to give guidance.
Decoding the Journey to the Top
The startup claims that it has served more than 500 paid corporate customers, including Xiaomi, Sogou, Happy Age, Burger King, Golden Arch, Herki International Group, Senma, Arm China, Capital Partners, Pacific Insurance and other well-known names till 2018.
Orion Zhao, Founder, Moka, said in a statement, “There are a number of people who know that the domestic economy has experienced rapid growth in the past. The business performance of the company has been leaping forward, but at the same time it has generally shown weak organizational and operational capabilities. The reason behind this is, largely, low digitization and refined operation of human resources.”
In 2015, when Zhao returned to China and saw a large number of companies hiring extensively, based on feelings and experience rather than data and objective facts, he and partner Li Guoxing co-founded Moka, which is committed to improving data-driven and intelligent HR products.
During their entrepreneurial journey, Zhao and Guoxing clearly felt that the management awareness of domestic enterprises is continuously improving. More and more advanced enterprises are beginning to realize that the HR department is not a cost center, but rather enhances organizational efficiency and talent competitiveness. Companies have begun using digital products to operate and manage the human capital of the company.
Currently, the startup has more than 200 people, founder Orion Zhao from University of California, Berkeley and Turo (American P2P car rental unicorn), co-founder Li Guoxing from Stanford and Facebook.