VC Roundup: Chasing opportunity in China’s SaaS scene · TechNode

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Software as a service (SaaS) has become a huge deal in China’s startup and venture capital world this year. Driven by demands of team collaboration amid the Covid-19 outbreak and increasing labor costs, venture capitalists and tech giants in the country are scrambling to put money behind SaaS startups.
In 2020, some 96 Chinese SaaS companies have received a total of RMB 12 billion (around $1.8 billion) from VC firms as of Sept. 30, according to VC market data provider Itjuzi. In 2019, VC firms injected a total of RMB 18.4 billion into 158 SaaS companies.
Looking at the US, it’s no surprise to see enthusiasm about the sector. Publicly listed companies like Slack, Zoom, and cloud data warehousing firm Snowflake have earned early investors substantial returns with subscription-based software targeting corporate users. 

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