Beijing Kuaishou Technology, the company that makes Chinese short video app Kuaishou, has recently invested USD 30 million in online education startup Huohua Siwei, local media outlet 36Kr reported on Monday.
The two companies had been in talks since the end of 2019, according to 36Kr, and the investment was made after the Chinese New Year. Huohua Siwei is currently in the middle of a new financing round, aiming to raise between USD 100 million and USD 150 million.
Founded in 2017, Beijing-based Huohua Siwei is a platform that trains children aged three to 12 in critical thinking, with a focus on math and science. It has garnered over 60,000 students and about 1,800 teachers as of August 2019.
The startup has secured USD 85 million in a financing round in August 2019, led by global investment firm GGV Capital and KKR, with Sequoia Capital China, IDG Capital, and LightSpeed China among the investors.
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.