Maike Technology Raises Over 100 Million RMB in Series B+ Round, Oasis Capital Continues to Increase Stake | Oasis Vitality

Enterprise services ultimately deliver professional expertise to clients, and the founding team's ability to productize and professionalize is core. Meike Technology Chairman and CEO Meizhong Wei served as CFO of a listed company with over 100 billion RMB in revenue for more than 15 years. His deep financial expertise and focused product R&D formed the foundation for Meike's counter-cyclical, high-speed growth in 2020. Expense control is the bedrock of financial systems for service industries, and electronic invoicing is one of the few enterprise products with genuine network effects. The sector leaders have already emerged clearly. Oasis Capital's strategy is to continue making concentrated bets on these leaders and to stand firmly by them for the long haul.

Meike Technology recently announced the completion of over 100 million RMB in Series B+ funding, co-led by Oasis Capital (Vitalbridge) and GP Capital. The proceeds will be used to deepen functionality and upgrade ecosystem connectivity for products including Meike Reimbursement and Meike Archives. Meike will also further expand its national business footprint and build out its service infrastructure.

This marks Meike Technology's second major funding round within six months, following its 100 million RMB Series B in August 2020, with existing shareholder Oasis Capital returning to lead and increase its stake.

Founded in 2015, Meike Technology positions itself as a provider of intelligent cloud-based financial products and solutions, rising precisely on the wave of invoice digitization. That year, the company launched its first product — the enterprise expense management SaaS platform "Meike Reimbursement" — starting from the corporate financial reimbursement scenario to provide mid-to-large enterprises with travel booking, expense reimbursement management, and full-process expense control services.

As traditional paper invoices gradually exit the historical stage, the national push for electronic invoices, electronic archives, and related policies is accelerating digital transformation in corporate finance and taxation. Enterprise financial management is evolving from single-point expense control toward integrated business-finance-tax data unification. Meike Technology is committed to empowering the industry through technology, continuously helping enterprises upgrade their capabilities, and enabling an integrated cloud model spanning cloud finance, cloud shared services, and cloud office — ultimately achieving integrated business-finance transformation.

In the reimbursement process, both traditional reimbursement models and legacy systems face pain points: cumbersome workflows, lagging processing times, heavy repetitive work, and considerable employee complaints. Meike Reimbursement connects with third-party consumption platforms, internal enterprise management information systems, online banking, and third-party payment platforms to capture expense data in real time. Through ecosystem partnerships, it also helps enterprises reduce procurement costs while improving efficiency in procurement, approval, and audit processes.

On the technology front, Meike Reimbursement leverages intelligent OCR recognition for invoices, supporting batch capture, reading, and verification of over 10 invoice types with a single photo. Through big data analytics, it analyzes enterprise expense data, while customizable reporting enables visualized presentation — supporting effective expense control and informed business decision-making.

In 2019, driven by policies promoting electronic accounting archives, Meike Technology launched "Meike Archives," helping clients establish electronic accounting archive systems and achieve integration of "cloud finance + cloud shared services + cloud office." Through this combination of two flagship products, Meike has built a full-chain paperless expense reimbursement product system.

In archive management, Meike Archives provides a complete solution covering collection, archiving, borrowing, appraisal, transfer, and destruction. The product has already integrated with mainstream financial accounting systems on the market (including SAP, Kingdee, Oracle, Yonyou, and Digiwin), enabling full automation and digitization of original document archiving for bank receipts, accounting vouchers, and business documents. In terms of workflow, what previously required substantial human and physical resources for paper archive management and storage can now achieve zero labor hours and zero physical space occupation, with archiving and retrieval efficiency improved by 90%.

Beyond providing a professional and convenient enterprise expense management platform, Meike Technology uses corporate financial SaaS software as an entry point to continuously expand its ecosystem of partners in third-party consumption, capital management, and beyond — thereby offering enterprises a one-stop service platform spanning platform tools, ecosystem resources, and management expertise.

This year, starting January 21, 2021, the nationwide rollout of electronic special VAT invoices began. As traditional paper invoices fade, national policies vigorously promoting electronic invoices and electronic archives will further accelerate digital transformation in corporate finance and taxation. Meike Technology Chairman and CEO Meizhong Wei noted: "In the next 3-10 years, I believe SaaS cloud solutions will gradually replace locally deployed packaged software, and operational accounting shared services roles working from home will also become a trend."

Currently, Meike Technology serves over 2,000 enterprise clients, including more than 200 listed companies, across multiple industries including pharmaceuticals, retail, machinery manufacturing, electronics, food and beverage, and health and wellness. Benchmark clients include Liby Group, Yihai Kerry, Dahua Technology, and Opple Lighting. The company's net revenue retention rate stands at 120%.

Regarding team and operations, Meike Technology is headquartered in Hangzhou, with service teams in Beijing, Shanghai, Guangzhou, Chengdu, and other locations. Over half of the core team graduated from Zhejiang University and brings nearly two decades of technology R&D and management experience, with previous roles at Alibaba, Dahua Technology, and State Street Bank.

Article first published on 36Kr, author Yongyi.

Oasis Capital is a new-generation venture capital firm in China, dedicated to discovering the most vital entrepreneurs of the coming decade and growing alongside them to create long-term value. "Championing Vitality" is Oasis's vision and mission. This vitality — which gives the firm its name — represents both the direction of structural transformation in our era and the resilience and evolutionary power of entrepreneurs. Oasis Capital focuses on early and growth-stage investments, with individual ticket sizes ranging from $3 million to $30 million USD, concentrating on technology-enabled services in education, healthcare, and enterprise services to support China's new service upgrade driven by technology.