Chinese coding education company Xiaomawang, which offers coding courses using programming languages such as Scratch or C++ to children aged between 6 and 17, has closed its pre-Series C round, bagging RMB 150 million (USD 21.2 million), 36Kr reported on Monday.
Investors participating in this round were not disclosed.
The new funds will be used for research and development on courses and new technologies, while the firm will also upgrade its online platform xiaomawang.com.
The firm, which was set up in 2016 in Hangzhou, capital of East China’s Zhejiang province, started offering courses in brick-and-mortar classrooms, reaching 70 training schools by the end of 2019 in more than 20 cities in China. The firm reported average monthly revenues of RMB 60 million, according to 36Kr.
Xiaomawang has also launched online programming courses as of May 2018. The firm’s founder Wang Jiangyou told 36kr that the company has pivoted to online business, training and encouraging its employees to acquire new clients, as the COVID-19 pandemic has forced students to avoid classrooms in China from late January.
The company added that its online revenue in February has exceeded the total of online revenue obtained during 2019, without revealing details.
36Kr is KrASIA’s parent company
This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.