Chinese online math-teaching platform VIPThink raises big round amid heating edtech sector

It collected “multiples of RMB 100 million” from investors including New Oriental Education.

Photo: Tuchong

Guangzhou-based online math-teaching platform VIPThink has closed its Series B financing, raising “multiples of RMB 100 million” from investors, 36Kr reported Tuesday. RMB 100 million is roughly USD 14 million.

US-listed English training company New Oriental Education led this round while audio content platform Ximalaya, as well as venture capital firms DCM and Sinovation also joined.

VIPThink targets kids aged between three and eight years old, selling live-broadcasted maths classes to their parents.

The startup, which was set up in 2016, markets its courses via e-commerce channels, online communities and also hires sales representatives to do face-to-face promotion.

VIPThink has ballooned its revenue from RMB 300,000 (USD 41,793) in July 2018 to RMB 28 million (USD 3.9 million) in May this year.

The online education sector has become a hot pick for investors. In last week alone, KrASIA reported several fundraising deals in this sector.

Beijing-based online education platform Huowa closed its Series D equity financing round, collecting USD 85 million from investors led by GGV and KKR. Huowa targets children aged between 3 and 12, offering live-streamed courses aimed to build one’s mathematic and scientific reasoning capabilities.

Xigua Chuangke, which is headquartered in Hangzhou, the capital of Zhejiang province, sells online courses on programming to children between seven and 12. It closed its Series B financing round, bagging RMB 150 million (USD 20.9 million) from investors.

Another Hangzhou-based startup Hexiaoxiang which features pre-recorded Chinese language courses and one-on-one tutoring, closed its Series B round, collecting RMB 200 billion (USD 28 million).

36Kr is KrASIA’s parent company