Cloopen Group Successfully Lists on NYSE | The Vitality of Oasis Capital

We first met in 2014 as investor and founder, spent seven years together, and made three investments. I witnessed the extraordinary vitality of CEO Sun and his company. Congratulations to my old friend Sun, and best wishes to Cloopen!

On the evening of February 9, Beijing time, Cloopen — China's largest cloud communications company — successfully listed on the New York Stock Exchange, becoming the first Chinese SaaS company to go public in the United States. Cloopen raised $368 million in its IPO. Based on the offering price of $16 per share, the company was valued at $2.67 billion. Jinjian Zhang, partner at Oasis Capital, invested in Cloopen three times — in 2014, 2017, and 2019 — on behalf of Trustbridge Partners and Oasis Capital.

Cloopen is a leading multi-service cloud communications provider in China and one of the few full-service communications companies in the country. Its solutions include Communications Platform as a Service (CPaaS), Cloud Contact Center (CC), and Cloud Unified Communications and Collaboration (UC&C). The company aims to upgrade the enterprise communications industry by providing innovative marketing and operations strategies along with SaaS-based tools that enhance organizational communication experiences and business efficiency.

According to its prospectus, Cloopen generated revenue of 501 million yuan in 2018 and 650 million yuan in 2019, with revenue reaching 509 million yuan in the first nine months of 2020. Cloopen serves tens of thousands of domestic enterprises across industries including O2O, transportation, travel, logistics, real estate, internet healthcare, and online education.

Cloopen founder Changxun Sun and Oasis Capital partner Jinjian Zhang at the listing ceremony

"By integrating AI technology, Cloopen provides full-product communications cloud services for Chinese enterprises, bearing the historic mission of driving the cloudification and intelligentization of China's enterprise communications services," said Changxun Sun, founder of Cloopen. "Going forward, we will break through the boundaries of communications products, commit to the digital transformation of enterprises, provide new methodologies and SaaS-based tools for their 'production, marketing, and operations,' and continuously expand our overseas business to deliver products and services to global enterprises."

In recent years, China's cloud communications market has grown rapidly. Research shows that from 2015 to 2019, the domestic cloud communications market expanded at a compound annual growth rate of 21.7% to reach 35.7 billion yuan, and is expected to grow to 101.5 billion yuan by 2024. Driven by massive market demand, Cloopen entered through enterprise communications — a business essential — achieved integration across multiple systems, formed a distinctive competitive edge, and rapidly grew into an industry leader.

Analyzing Cloopen's benchmark company Twilio makes it clear that the market holds high expectations for cloud communications enterprises. In recent years, Twilio's stock has risen continuously, with its market cap exceeding $60 billion. As early as 2016, when Twilio first went public, discussions arose domestically about who would become the "Twilio of China." Today, Cloopen has provided an answer suited to the Chinese market.

Oasis Capital is a new-generation venture capital firm in China, dedicated to discovering the most vital entrepreneurs of the next decade and growing alongside them to create long-term value. "Championing Vitality" is Oasis's vision and mission. This vitality — both the direction of structural transformation in the era and the resilience and evolutionary power of entrepreneurs.

Oasis Capital focuses on early and growth-stage investments, with individual checks ranging from $3 million to $30 million. It concentrates on technology-enabled services in education, healthcare, and enterprise services, supporting the upgrade of China's technology-driven new services.